IMF deal will not be sealed in March – Kennedy

The Jamaica Chamber of Commerce (JCC) said it is unlikely that the country will seal a deal with the International Monetary Fund (IMF) before the end of next month.

Francis Kennedy, JCC President, said he is not holding out much hope that the Staff Agreement will reach the IMF Board this month.

Mr. Kennedy told the Financial Report Wednesday night that he believed it is s too late now for a March date to be achieved.

On Tuesday Finance Minister, Dr. Peter Phillips, said he was still hopeful that Jamaica's IMF programme will be approved before the end of this month.

He said the timing of the approval hinges on talks involving key multi-lateral agencies.

And as the Jamaican dollar continues to slide in value against the US currency the JCC President is predicting that the instability will continue in the short term.

The official value of the US dollar crossed the J$98 to US$1 mark for the first time Wednesday.

The average selling rate is J$98.03.

Bank of Jamaica data, however show that in some locations, the US was sold for as high as J$103.

The Canadian currency is up J$0.60 cents at J$$96. 96, cents while the pound sterling lost J$0.19 and now sells for an average J$148.56.


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