Jamaica Set to Gain $255Mn from IMF’s Resilience and Sustainability Facility

Jamaica is set to receive a substantial financial boost of approximately $255Mn through its participation in the International Monetary Fund’s (IMF) Resilience and Sustainability Facility (RSF). While an agreement has been reached at the staff level, it remains subject to approval by the IMF Executive Board at its meeting scheduled for February 2024. Once approved, the funds will become accessible to Jamaica.
IMF recently completed its Article IV review for the year 2024, a significant milestone for Jamaica’s economic prospects. During this process, a dedicated team, led by Esteban Vesperoni, engaged in a series of meetings held in Kingston and conducted a virtual mission with Jamaican authorities from January 8 to 18.
Commending Jamaica on its notable accomplishments, Esteban Vesperoni highlighted that over the last few years, the country has successfully reduced public debt, anchored inflation, and strengthened its external position. He further stated that “supported by strong revenues and strict control of non-wage spending, a prudent fiscal stance continues to support a reduction in public debt, which is expected to reach 72% of GDP in FY2023/24—the lowest in 25 years—well below pre-pandemic levels.”
The IMF’s assessment highlights Jamaica’s substantial progress in executing its policy agenda, both under the Precautionary and Liquidity Line and the Resilience and Sustainability Facility. Notably, both facilities received approval from the IMF’s Executive Board in March 2023, with a combined access limit of approximately US$1.732Bn.
Finance Minister Dr. Nigel Clarke emphasized the significance of the latest review, stating, “The IMF staff press release confirms that Jamaica’s economy is on firm footing and our economic programme is achieving its targets and objectives.”
The highlighted indicators underscore the country’s strong economic position and commitment to sound financial management.

(Sources: IMF & Caribbean National Weekly)