imf and jamaica ink standby agreement worth over 2 billion dollars to jamaica
News Posted On: 08 February 2010
The International Monetary Fund has agreed a 1.27 billion dollar standby agreement with Jamaica aimed at bolstering the country's economic stability, increasing its potential for economic growth and reducing its vulnerability to external shocks.
$640 million is being made available immediately in the form of a disbursement, which will go towards reform programs and strategies already enacted by the Jamaican government.
The IMF stand-by agreement will also make Jamaica a safer bet where finances are concerned, which will allow the country to borrow from other multilaterals. According to the IMF this will amount to a further 1.1 billion dollars.
Jamaica became a very popular destination with the thousands of overseas property buyers during the last boom, but the lack of solid financial and economic infrastructure has led to it suffering badly when that ship sailed.
The IMF agreement may prove to have come at just the right time, with demand for overseas property increasing internationally and the Caribbean at the forefront of popular demand. This is because, the key requirement of property for today's buyers is security and stability, and Jamaica has come up lacking in these areas previously. Now, with the help of the IMF this may start to change.
As an indicator of Jamaica's continued potential as a property hotspot, tourism to the island remains strong. So much so, that, at a time when flights are being scaled back around the world Blue Panorama Airlines has just extended its Havana flight to include a trip to Montego Bay.
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