IMF Provides Jamaica With $520Mln To Fight Novel Coronavirus Pandemic - Statement

WASHINGTON (Pakistan Point News / Sputnik - 16th May, 2020) Jamaica's request for emergency help during the novel coronavirus pandemic has won approval of a $520 million, the International Monetary Fund said in a press release on Friday.

"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 IMF.

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.

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.