Report title: An Agreement With the IMF is Essential for Jamaica
from Moody's Global Credit Research
2 page (1188 word) report published Nov 09, 2009

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...The IMF, which has been negotiating the terms of a $1.2 billion stand-by facility with Jamaica for several months, said on Friday after fund officials spent several days in Kingston, that discussions would continue in Washington next week. The focus, said the IMF, is "on how to reduce the large fiscal deficit and put the debt on a clear downward path." There was no clarification with respect to the timing for finalizing the discussions. A delay in reaching an agreement with the IMF could have potentially adverse credit consequences given Jamaica's continued fiscal underperformance. An agreement with the IMF is crucial to provide essential multilateral funding to strengthen Jamaica's external position, shore up confidence and meet financing obligations. A sizeable fiscal adjustment required to stabilize debt dynamics is presenting a major challenge to the government as the majority of expenditures are devoted to wages ¡ which have already been frozen ¡ and interest payments while revenues...

Report Type: Issuer Comment
Issuer: Jamaica
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