NEW YORK, USA — Leaders of the Jamaican community here have reacted with a collective sigh of relief at Wednesday’s announcement by the International Fund (IMF) that a new agreement for US$932.3M over a four-year period has been approved.

Under the agreement, the IMF will release a total of US$207.2 m to the Jamaican Government in a matter of days. The announcement came as Jamaica’s Finance Minister Dr Peter Phillips wrapped up the 2013-2014 Budget Debate at Gordon House in Kingston.

Roy Davidson, who heads the National Association of Jamaica and Supportive Organisations (NAJASO), said that while many in the Jamaican community are not very supportive of IMF agreements because of the Fund’s stringent rules, “this agreement is welcomed because of the serious financial predicament facing Jamaica”.

He said that without the IMF agreement “the country just does not have the money to do anything” and added that “it is the hope of Jamaicans here that the country can now settle down and work towards growing the economy at a respectable pace”.

Similarly, head of the Jamaica National Movement Desmond Clake described the announcement of the agreement as “a positive sign for Jamaica” and said he hoped that a stabilisation of the Jamaican currency will follow in short order.

On the other hand, head of the Jamaica Progressive League Sadie Campbell said while she understands the reasons the country had to turn to the IMF for assistance, she would have preferred that it had not.

She argued that none of the previous agreements entered into over many decades have been successful, and that there is no indication that this one will be any different.

Irwin Clare, who heads the Diaspora Advisory Board for the North East United States, described the agreement as “the conclusion of a long ordeal that caused significant consternation for Jamaica”.

He cautioned that while the agreement is welcomed, “it should not be viewed as the long-term solution to Jamaica’s economic problems”.

Clare added that what the agreements does is to “open up opportunities for the country to finally get its economic situation right”, but stressed that it is going to take the collective will of everyone to ensure that the measure succeeds.