IMF aiming to seek executive board approval for a USD $415M loan to Jamaica early next year

The International Monetary Fund (IMF) says it is aiming to seek Executive Board approval for a loan of up to USD $415 million to Jamaica early next year.

Director of the IMF’s Communications Department, Julie Kozack made the disclosure during a press briefing last Thursday.

Following devastation caused by Hurricane Melissa in October, Jamaica requested support from the IMF under the Natural Disaster Window of the Rapid Financing Instrument (RFI) which could provide up to USD $415 million or JMD $66 billion.

The IMF noted that damage from the Category 5 hurricane is estimated at USD $8.8 billion.

It said this makes Hurricane Melissa the costliest hurricane in Jamaica’s recorded history and as such, assistance is needed.

Speaking at a recent press conference, Kozack said once the Executive Board approves the RFI, a single disbursement would be made.

On December 1, the IMF and four other international financial entities announced a comprehensive package of up to USD $6.7 billion over three years to strengthen Jamaica’s recovery and reconstruction efforts following the passage of hurricane Melissa.