Thursday, October 01, 2009
Jamaica seeking to borrow 1.2 billion dollars
Jamaica's Finance Minister, Audley Shaw, left the island to attend the annual World Bank /IMF meeting in Istanbul, Turkey.
Mr Shaw is expected to have further discussions with the IMF deputy managing director on Jamaica’s application to the Fund.
Jamaica is seeking to borrow $1.2 billion in a stand by arrangement from the IMF.
Recently a five member team headed by the Central Bank,r returned to the island after holding talks at the IMF in Washington D.C.
Many of you might recall that back in the late 70's and 80's, when Jamaica was borrowing every 5 minutes from the IMF and the poor people were getting poorer. People could not make a move without the IMF's approval. It was ruthless, draconian and created massive hardship. I heard that they are much kinder and gentler now; I hope to God it is true.
Source: GO JAMAICA