CaribWorldNews, KINGSTON, Jamaica, Thurs. July 30, 2009: Jamaica Prime Minister, Bruce Golding, is insisting there is no secrecy surrounding the discussions between his government and the International Monetary Fund.
His comments come as talk shows on the island and the media continue to discuss the impact of another IMF loan to the island, this time to the tune of US$ 1.2 billion.
But PM Golding on Wednesday said that some 90 percent of the details of the agreement have been ironed out, and assured that the government wants to make its final decision based on consultations.
He said a number of factors will determine the conditionalities Jamaica will face under the agreement – from the country`s large debt consuming a significant portion of each dollar spent to the ability to achieve fiscal deficit targets and the insufficient external account.
In a post-cabinet press briefing at Jamaica House yesterday, PM Golding pointed out that, whether or not there is an IMF intervention, the country would have had to get its fiscal target back in line.
The government expects to complete the preparatory work and documentation for the agreement with the IMF by mid-August, and to make a formal submission to the Executive Board of the Fund in September, he said.