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Jamaica clarifies delay in IMF talks

Simpson Miller / Shaw

Jamaica

’s Finance Minister, Audley Shaw says the delay in the planned visit of an IMF team to Jamaica stemmed from the fact that the government had to make adjustments to its fiscal and medium-term economic programs, after carefully weighing the risks to

Jamaica

’s credit rating of a debt forgiveness program mooted by some commercial banks.

He was of course alluding to a private sector-led initiative to voluntarily reduce interest rates on government’s investment instruments.

Finance Minister Audley Shaw was responding to statements by the leader of the opposition Peoples National Party, Mrs. Portia Simpson-Miller, which questioned the government’s competence in handling the IMF negotiations, alleging that the IMF turned back a Jamaican negotiating team because of incomplete work.

According to the Finance Minister the facts were conveyed to Jamaica’s parliamentary opposition a week ago.

Shaw says the Jamaican Cabinet, on September 17, 2009, approved a revised medium-term expenditure program and the documentation will be submitted to the IMF late September 2009 by a technical team led by Bank of Jamaica Governor Derek Lattibeaudiere.

Mr. Shaw says he will have further discussions with the IMF at the joint annual meetings of the IMF and the World Bank in Istanbul, Turkey early October.

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