WASHINGTON, May 15 (Xinhua) — The International Monetary Fund (IMF) on Friday approved Jamaica’s request for emergency financial assistance of about 520 million U.S. dollars to help meet the urgent balance-of-payments needs stemming from the COVID-19 pandemic.
“Despite the authorities’ best efforts, the pandemic is severely impacting the Jamaican economy, as a sudden stop in tourism and falling remittances are generating a sizable balance-of-payments need,” Zhang Tao, deputy managing director of the IMF, said in a statement, adding the economic outlook remains subject to “an unusually high degree of uncertainty”.
The disbursement under the IMF’s Rapid Financing Instrument (RFI) will strengthen Jamaican reserves and help catalyze additional support from other international financial institutions and development partners, Zhang noted.
“Once the crisis abates, building on their demonstrated commitment to reform and stability-oriented measures, the authorities should continue the implementation of their ambitious reform agenda to support the economic recovery and ensure strong and sustainable economic growth,” he said.
The Government of Jamaica has declared the entire island as a disaster area and established a special taskforce to coordinate the country’s COVID-19 response and recovery efforts, according to the IMF. Enditem
- Over 70% small, medium businesses in India bat for digital shift to weather COVID-19 impact
- Vietnam mitigates COVID-19 impact on employment
- COVID-19 Impact | Seven ways the pandemic has changed how we shop for food
- ADB approves 500-mln-USD loan to boost Philippines' disaster resilience
- Trade-offs in the fight against the Covid-19 pandemic
- COVID-19 could fuel more conflict, poverty, starvation, says UN
- Covid-19 pandemic: Policy intervention must be selective
- ADB approves 500 million USD loan to boost Philippines’ disaster resilience
- Vietnam a success model in battling COVID-19: Canadian diplomats
- Indian outfit wins UN award for efforts to combat climate change amid Covid-19
- The politically neglected minority: Asian Americans and COVID-19
- Finger-pointing picks up in COVID-19 relief fight
IMF approves 520 mln USD to help Jamaica address COVID-19 impact have 296 words, post on www.xinhuanet.com at May 16, 2020. This is cached page on VietNam Breaking News. If you want remove this page, please contact us.