PM says Jamaica continues to expertise robust financial progress
Business

PM says Jamaica continues to expertise robust financial progress

admin


Prime Minister Andrew Holness, says consideration by the Worldwide Financial Fund (IMF) of Jamaica’s request to entry the Resilience and Sustainable Facility (RSF) and the Precautionary and Liquidity Line (PLL), indicators the power of the basics Jamaica’s financial system.

Jamaica and the IMF have reached a Employees Stage Settlement that may allow the federal government to have entry to roughly US$1.7 billion.

Below the RSF, Jamaica will have the ability to entry as much as US$763 million at an rate of interest of roughly 3.8 % with a compensation interval of 20 years, and no principal compensation for the primary ten years.

– Commercial –

“That is wonderful. The international locations that qualify for this, clearly, shall be international locations which have robust financial fundamentals,” Holness instructed the launch of the Quantas Monetary Group, saying his administration had additionally made the choice to entry the PLL as an insurance coverage in opposition to varied shocks. Below the PLL, Kingston will have the ability to get hold of as much as US$967 million.

“So, though we’ve got sufficient reserves, the federal government is being prudent,” Holness stated.

“We’re taking out this insurance coverage coverage nonetheless, which additional strengthens the fiscal output, strengthens how the federal government is perceived and the way traders understand present and future circumstances. So, within the occasion of any shocks to our financial system, we’ve got sufficient buffers in place to keep up stability,” he added.

Holness stated Jamaica continues to expertise robust financial restoration from the consequences of the coronavirus (COVID-19) pandemic, increasing by 5.9 % within the third quarter of the monetary 12 months, which represents the sixth consecutive quarter of progress.

As well as, he stated the unemployment price is at its lowest within the nation’s post-independence historical past, probably attaining near full employment in one other two years.

Holness stated these elements are robust indicators of Jamaica’s resilience, even within the face of the pandemic and the elevated delivery and provide chain costs.

He stated the resurgence of Jamaica as a powerful financial participant within the area has begun, and the nation is poised for elevated progress and improvement.

CMC