"The Executive Board of the International Monetary Fund (IMF) approved a disbursement in the amount of SDR 382.9 million (about US$520 million, 100 percent of quota) for Jamaica under the Rapid Financing Instrument (RFI). These resources will help meet the urgent balance of payment needs stemming from the COVID-19 pandemic while catalyzing additional support from development partners", the release said.
The novel coronavirus shock hit Jamaica only a few months after the successful completion of an economic reform program funded by the International Monetary Fund.
But as with other nations, the pandemic severely impacted Jamaica’s economy forcing the government to declare the island nation a disaster area, according to the release.
Earlier in the month, the IMF approved a $643 million loan to Ecuador and a two-year $10.8 billion credit line for Colombia.
The IMF is working through requests for novel coronavirus pandemic relief from more than 100 nations and says it has up to $1 trillion available for this purpose.
As of 15 MAy, Jamaica has registered 509 COVID-19 cases and 9 fatalities related to the disease, the local Ministry of Health and Wellness reports. 118 people on the island have recovered from the disease.
