KINGSTON, Jamaica — Jamaica has received approval from the International Monetary Fund (IMF) for its seventh review, despite missing the “indicative” target on tax revenue.

An IMF mission visited Jamaica from Monday, February 16, to Tuesday, February 24, to conduct the seventh review of Jamaica’s performance under the Extended Fund Facility (EFF). As part of the review, the IMF consulted with Government officials, technical staff and key stakeholders, including the private sector, according to a news release from the Ministry of Finance where the conference on Jamaica’s performance was held.

“Given Jamaica’s proven record of performance to date, which has been set out in a Letter of Intent for submission to the IMF Board in March, it is anticipated that the IMF Board will approve the 7th review under the EFF and thereby allow for the release of SDR28.32 million (US$40 million) to Jamaica,” the release said.

“All quantitative performance targets and structural benchmarks for the December 2014 quarter were met; however the indicative target on tax revenue was narrowly missed,” the release said.