PM Holness meets with IMF officials

PM Holness meets with IMF officials

Friday, March 04, 2016

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KINGSTON, Jamaica — Prime Minister Andrew Holness, members of the incoming administration and public sector officials met with a visiting International Monetary Fund delegation today at Jamaica House.
The IMF delegation, which was led by Nigel Chalk, deputy director of the Western Hemisphere Department, according to a news release from the Office of the Prime Minister, affirmed the Fund’s readiness to continue its support of Jamaica.
"The delegation noted the progress already made in reducing the debt burden through fiscal consolidation and the need for continued effort to bring Jamaica’s debt ratios to a level that all stakeholders believed to be sustainable," the release said. "The fund team also noted that achieving this objective would become much easier with elevated levels of economic growth."
The Office of the Prime Minister said Holness underscored the importance of a productive partnership with the IMF in achieving the goals of the new administration and acknowledged the role that fiscal consolidation had played in stabilising Jamaica’s economy.
He reportedly emphasised the necessity of stability and signalled the intention of the new administration to use available policy tools to build on stability and to accelerate inclusive economic growth, while maintaining fiscal prudence.
Prime Minister Holness also reportedly informed the delegation of his intention to continue with the principle of stakeholder oversight of Jamaica’s economic programme and performance.
"Both parties agreed on a need to coordinate closely on the outlines of the budget for the 2016/17 fiscal year," the release said. "In that regard, the IMF would facilitate consultation ahead of the next review under the Extended Fund Facility agreement."
Prime Minister Holness emphasised his administration’s resolve to table a new budget that reflected the priorities of the Government as early as possible in the new fiscal year.

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