The government has admitted that a formal deal with the International Monetary Fund (IMF) will not be signed by the end of March.
On February 15, the government signed a staff agreement with the IMF and it was hoped that this would have been approved by the full Board by the end of this month. But despite the assurances of a March 31 finalization deal with the Fund, Finance Minister Dr. Peter Phillips told journalists at a media briefing on Wednesday that the deadline will not be met.
Phillips maintains that Jamaica has met all prior actions which include the wage freeze agreement with Public Sector Unions and the passage of legislation managing the public debt.
It not known what led to the delay but the Finance Minister hopes that the government will secure an agreement in the shortest possible time.