GOV’T TAKING EVERY CARE IN SENSITIVE IMF NEGOTIATIONS

By Debbie Ann Wright (JIS)

Minister with responsibility for Information, Telecommunications and Special Projects in the Office of the Prime Minister, Hon. Daryl Vaz, says the Government is taking “every care” in the sensitive negotiations with the International Monetary Fund (IMF) to ensure the best possible outcome for the country.

He was speaking at a post-Cabinet press briefing at Jamaica House on

November 18, where he assured Jamaicans that negotiations are ongoing with the multilateral agency and that things are looking positive.

“Let me just caution to say that this negotiation is a very sensitive negotiation because of the implications for the country at large. This is why we are taking such time and care to make sure that at the end of the day, whatever we sign is the best possible agreement that we can get out of the International Monetary Fund,” said Mr. Vaz.

He told journalists attending the briefing that while there is anxiety regarding the protracted negotiations with the IMF, the lengthy process is as a result of “hard-nosed negotiation”. He informed that an agreement should be in place by December 25.

Jamaica is seeking a US$1.2 billion standby loan facility from the IMF, due to severe erosion of foreign exchange earnings especially in terms of bauxite/alumina exports and remittances from Jamaicans overseas.