In a statement Thursday, the Washington-based financial institution said the French-speaking Caribbean Community (CARICOM) country had in December last year, completed an arrangement under the Extended Credit Facility (ECF), which helped to support economic growth and maintain macroeconomic stability after the 2010 earthquake.
But it said a drought that affected agricultural output slowed gross domestic product (GDP) growth to 2.7 per cent last year, from 4.2 per cent, the previous year. The IMF said inflation remained in the mid-single digits.
“The overall fiscal deficit of the central government remained high, in part due to one-off investment related to the Sandy storm. International reserves remained appropriate at about five months of imports,” the IMF said, adding that the implementation of structural reforms to support growth underpins the medium-term outlook, which is nonetheless subject to downside risks. via – JamaicaObserver.com