Government committed to change
Posted: Friday | February 5, 2010
Jamaica Gleaner/Power 106
The Finance minister Audley Shaw says the government will be recommitting itself to change the approach to governance in Jamaica.
He says the government will seek to manage the economy in a fiscally responsible and prudent fashion.
Mr. Shaw was reacting to yesterday’s approval by the IMF of a 27-month Stand-By Arrangement for US$1.27 billion in Special Drawing rights.
The money will be used to support the country’s economic reforms and help it cope with the consequences of the global downturn.
The Finance Minister told the Gleaner/Power 106 News that the management platforms will involve serious checks and balances.
The IMF has said that a disbursement of about US$640 million will immediately become available to Jamaica.
The approval of the Stand-By Arrangement is expected to generate about US$1.1 billion in funding from other international financial institutions.
