The Jamaica Bankers Association (JBA) supports the Government of Jamaica (GOJ) in its decision to re-enter a borrowing relationship with the International Monetary Fund (IMF) in a Stand-by Arrangement as announced by the Minister of Finance and the Public Service, Hon. Audley Shaw in Parliament on July 21, 2009.

Given the recession in the global economy, the prediction that the financial crisis will continue for at least another year and its local effect on our tourism, bauxite, remittances and other industries, the JBA endorses the decision as a practical solution.

The IMF is currently seen as the central body in the management of this global financial crisis with a diverse range of over 25 countries accessing its facility. With the revision/modification of previous austere conditionalities associated with IMF’s borrowing arrangements and the fundamental reform of the Fund, the JBA anticipates that there will be greater monetary and fiscal flexibility under this current agreement.

In this context, the JBA wishes to reiterate its commitment to work with the GOJ as it continues discussions with the Fund and welcomes the opportunity for dialogue/consultation on the subject.