NEW YORK, USA — The International Monetary Fund (IMF) has indicated that it will likely provide assistance to Jamaica to ensure that there is no major fallout in the current US$1.27-billion Stand-By Arrangement, in light of extensive damage to the country’s infrastructure by flood rains from Tropical Storm Nicole.

Gene Leon, the fund’s resident representative in Jamaica, told the Observer that the IMF “will see how we may assist after the Jamaican authorities have assessed the damage.”

He, however, declined to comment on whether there was any wiggle room in the agreement to deal with emergency expenditure of the magnitude resulting from the current floods.

The IMF, he said “will discuss the situation with Jamaican authorities, to arrive at the best way forward.”

Prime Minister Bruce Golding has already stated that the country’s current budget of over JA$500 billion will be affected by the damage from the floods.

Just last week the IMF disbursed a further US$49.2 million under the agreement with Jamaica, following what it described as the continuing improvement of the country’s economic performance.

— Harold Bailey can be reached at gandhihgj2@aol.com