Jamaica has requested access to the International Monetary Fund’s (IMF) Rapid Financing Instrument (RFI), Finance Minister Dr Nigel Clarke disclosed yesterday.
According to Minister Clarke, the decision was taken to access the instrument because the duration of the “global lockdown” to stem the spread of COVID-19 is highly uncertain.
“The open-ended nature of the pandemic and its economic spillovers therefore pose intolerable balance of payments risks to Jamaica that threaten the economic gains of our seven-year reform effort,” Dr Clarke said, even as he pointed to mitigating factors that provide the ability for Jamaica to absorb economic shocks.
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