An International Monetary Fund (IMF) mission is in Jamaica to conduct the first review under the precautionary stand-by arrangement.
The US$1.64 billion agreement was approved by the IMF Executive Board last year November, replacing the four-year special extended fund facility that was scheduled to end in March.
The team is being led by Nancy Horsman, the new IMF executive director for Canada, Ireland and the Caribbean.
Bank of Jamaica Governor Brian Wynter said assessments show that all quantitative performance criteria and structural benchmarks for the review period have been met.
Mr. Wynter was speaking at Tuesday morning’s quarterly press briefing.
He said, on completion of the review, an additional amount of US$170 million will be added to the sum available for the BOJ to draw down, as and when needed.
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