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JLP predicts failure of next IMF test

The opposition Jamaica Labour Party (JLP) has predicted that the country will fail its next International Monetary Fund (IMF) test because of its growing debt and other challenges.    

The assertion comes from Delroy Chuck, the Member of Parliament for North East St Andrew who was the main speaker at the Party's Area Council One meeting at the Mountain View Primary School in St. Andrew on Sunday.    

He said although all IMF tests have been passed so far, the pressure of passing the tests will soon take its toll on the government.   

“Let me put it to you, it won’t be long before they start feeling the pinch. Because when people start demanding their money, which they must….  and that is going to put the government in a tail spin."

He also asserted that the government is facing challenges in sourcing funds from overseas.

“Peter Phillips is all over Europe, all over North America, trying to get 500 billion US dollars and if he doesn’t get it, we will be in trouble. And I have a funny suspicion that he might not get it  - and if he doesn’t before the end of the year we will be in one financial tailspin that the government will be saying we can’t do it and the Jamaica Labour Party must be ready to take over the reigns of Government,” Chuck said.

IMF praise

Mr. Chuck's statement was made only days after news came that the country had passed the latest IMF test. With the passing of that test, the fund has approved the disbursement of a further US$71 million.  

On Friday, the IMF, having assessed the country's performance for the January to March period, confirmed that it had passed the fourth consecutive test.       

The multi-lateral lending agency praised Jamaica's "steadfast implementation of an ambitious and wide-ranging structural reform agenda," and its commitment to the programme, predicting that full implementation will bring tangible benefits to the country.

The IMF also projected that the Jamaica's economic growth will reach almost 1.5% in 2014/2015, "as the negative fiscal impulse comes to an end."



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