The Executive Board of the International Monetary Fund (IMF) today approved Jamaica’s request for access to its Rapid Financing Instrument in the amount of approximately US$520 million.

The amount represents 100 per cent of Jamaica’s quota and the maximum amount available under this facility.

A release from the Finance ministry said the Government taken strong and decisive action to slow the spread of the new coronavirus in Jamaica, to strengthen public health capacity and to cushion the economic impact of the pandemic on vulnerable individuals and small businesses.

However, the COVID-19 pandemic has severely impacted tourism related foreign exchange inflows as well as remittances, and is forecast to significantly dampen economic activity.

Minister of Finance and the Public Service, Dr Nigel Clarke, said “The resources approved by the IMF today will be extremely valuable in boosting Jamaica’s foreign exchange reserves, and in assisting Jamaica to meet COVID-19 related balance of payments challenges.

“Our fiscal and monetary reforms have

provided Jamaica with options that many countries do not have. Public body

reform, inclusive of divestment and reintegration of public bodies, as well as

recent fiscal over-performance has provided substantial cash resources that

will be deployed to assist in the financing of the fiscal impact of the

COVID-19 pandemic.”

“These tangible dividends of our reform

effort further reinforce our continued commitment to Jamaica’s economic reform

agenda.”

“We are grateful to the Fund for the

quick response to Jamaica’s request which was made exactly one month ago on

April 15, 2020.”