LONKENG… the idea is to gradually phase out the BOJ’s surrender requirements

MONTEGO BAY, St James – Prime Minister Andrew Holness says the International Monetary Fund (IMF) board has approved a new Stand-By Agreement to replace the existing arrangement which comes to an end in March 2017.

The new economic programme will provide Jamaica with assistance from the IMF under a three-year precautionary Stand-By Agreement.

The agreement is equivalent to support of US$1.7 billion and will see Jamaica being awarded another US$430 million.

“Today (Friday), I am also pleased to announce that the board of the IMF has approved our new IMF agreement,” the prime minister announced. “So it wasn’t just the transition between governments that was seamless, we also transitioned into a new IMF programme seamlessly.”

http://www.jamaicaobserver.com/business/IMF-approves-new-Stand-By-Agreement-for-Jamaica_80380