The International Monetary Fund (IMF) on Thursday approved over $1.7 billion in funds for Jamaica to help it insure against higher inflation, tighter fiscal conditions, possible COVID outbreaks and climate change.
The IMF said in a statement its executive board had approved Jamaica's request for some $968 million under a Precautionary and Liquidity Line deal and about $764 million under the newly created Resilience and Sustainability Facility .
Though the pandemic struck a blow to the Caribbean island country's critical tourism industry, the IMF said tourism had bounced back, adding that public debt was also declining and high inflation had been receding since mid-2022. Real GDP growth for 2022 is expected at around 4%, the lender said. Its forecasts are in line with those reported in February following a visit by the IMF executive board.
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