Jamaica Closes on IMF Pact

Jamaica Closes on IMF Pact

Caribbean

The IMF says it has reached an agreement with Jamaican authorities on key elements of a program that the IMF would support with a 27-month $1.3bn loan under a stand-by arrangement (SBA). The bank adds that its executive board will consider Jamaica's SBA early in 2010. The program, says the IMF, will involve a mixture of controls on public sector salaries; some tax increases, as well as cuts in other spending. "On the margin, this is positive news for the credit, as this SBA is to catalyze signif

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