Jamaica May Secure IMF Loan by End of April

Jamaica may receive as much as $958 million in a loan deal from the International Monetary Fund after the National Debt Exchange restructured around $9 billion in local debt for the second time in three-years.

The IMF released a statement today saying its board will consider approving the loan deal by the end of April 2013.

IMF: “The success of this program crucially depends on full and timely policy implementation by Jamaica of a coordinated set of reforms to strengthen the public finances, restore debt sustainability, enhance growth, and bolster the resilience of the financial sector.

The Jamaican economy shrank by 0.9 percent in the fourth quarter of last year as the country hard a hard time  dealing with the widespread effects of Hurricane Sandy.

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