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IMF to present findings of progress under Standby Arrangement

The International Monetary Fund (IMF) is to present the findings of its first review of Jamaica's progress under the new Precautionary Stand By Arrangement on Monday.
   
The expectation is that Jamaica will pass this test.
   
The review comes after Jamaica and the IMF agreed in November last year to cancel and replace the four year Extended Fund Facility with the 36 months Precautionary Stand By Arrangement.
   
Under that programme the country is set to have access to funds amounting to US$1.6 billion, if  it meets certain conditions.
   
When that deal was announced, US$412 million  was made available to Jamaica, with the rest to come in six month tranches after review.
 
Momentum

Meanwhile, a chief economist of the International Monetary Fund said the world economy seems to be gaining momentum.
    
The report forecasts global growth this year of 3.5 per cent, up from 3.1 per cent predicted in 2016.
    
The UK's economy is forecast to expand by two per cent this year, stronger growth than any of the major developed economies apart from the US.


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