Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva

IMF praises Jamaica’s economic reforms following COVID-19 outbreak

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The International Monetary Fund has praised Jamaica’s efforts in reforming its economy and its fiscal discipline while facing the coronavirus crisis.

The country was commended by IMF’s Managing Director Kristalina Georgieva, who said that Jamaica’s economic reforms and its national response to the coronavirus pandemic had been exemplary.

The IMF also approved this week’s US$520 million in emergency economic funding to help Jamaica get through the COVID-19 crisis and to support the nation so that it could provide additional measures in order to protect the public as well as assist local authorities. Georgieva issued a statement on Twitter following the announcement of the funding under the IMF’s Rapid Financing Instrument (RFI) and said that “I highly value #Jamaica’s sound economic reforms and fiscal management in response to the #COVID19 crisis.”

In addition to her statement, the IMF reaffirmed that Jamaica’s proactive response to the pandemic, and its best efforts to mitigate the various challenges associated with the spread of the disease, had been effective. The targeted measures that were taken had also made a positive impact by supporting jobs in the economy and protecting vulnerable people.

Tao Zhang, Deputy Managing Director and Chair of the IMF’s Executive Board also said that the “economic outlook remains subject to an unusually high degree of uncertainty. The disbursement under the RFI will strengthen reserves and help catalyze additional support from other international financial institutions and development partners.”

With the Bank of Jamaica also taking action to ensure that there are ongoing support and liquidity available – Jamaica will be able to cope with the downturn from the pandemic over the coming months ahead.

The IMF also reaffirmed that Jamaica’s strong track record in mitigation strategies and its quick actions to deal with the pandemic has helped in “minimizing the loss of human life” during a very difficult crisis impacting multiple countries around the world.