NEW YORK, USA — Jamaica’s application for a US$1.2-billion standby agreement with the International Monetary Fund (IMF) will now go before the board of the Washington-based bank on February 4.

Finance Minister Audley Shaw had announced in Parliament Tuesday that Jamaica’s application was up for consideration on February 3. However, last night deputy financial secretary for economic management at the finance ministry, Darlene Morrison confirmed the new date, noting that the IMF had made the shift “because of a packed agenda”.

On the fund’s website last night, the tentative calendar of the formal meetings and seminars of the Executive Board for February 3 listed only four items concerning Mali, the Islamic Republic of Iran, Suriname, and the United Arab Emirates.

There was no calendar for February 4.

Earlier yesterday, IMF spokesman Andreas Adriano told the Observer that the application would go before the board Thursday pending that what the bank describes as “prior pending actions” are completed.

He said the new date was set last week “after it was realised it would not have been possible to get the results of the debt exchange programme in time for the board’s meeting today (yesterday)”.

The pending actions are the fiscal measures which were presented in December, the Jamaica Debt Exchange (JDX) programme which was launched earlier this month, and the handling of Air Jamaica’s losses.

Asked whether he meant that Air Jamaica must be divested, Adriano said that from the IMF’s perspective, the Jamaican Government must have a plan to deal with the losses.

Meanwhile, the Government is expected to submit a preliminary report on the responses to its debt exchange programme to the IMF for circulation to the board, in advance of next week’s board meeting.

The JDX, which should have expired on Tuesday, has been extended to 1:00 pm on February 3.

In a press release last night, the Ministry of Finance said the Government had received submission forms from holders aggregating more than 90 per cent of the bonds eligible for the transaction. The ministry, however, said the numbers were subject to verification.

“Submission forms were still being submitted late yesterday and the Government has received several requests from brokers to extend the submission deadline to allow them additional time to continue to work with their retail clients,” the ministry said.