A team from the International Monetary Fund (IMF) is currently in the island having discussion with the Government on an application for a standby agreement with the fund.

Audley Shaw, minister of finance and the public service, made the disclosure of the team's presence in the country yesterday at the launch of the Jamaica Employers' Federation (JEF) 2009-10 Salary Survey at the JEF's Ruthven Road office in St Andrew.

" … Jamaica has an IMF team with us since Monday, and they will be here until next week Friday going through the details of a fund programme," said Shaw

The Government is seeking a US$1.2-billion standby agreement with the IMF. Shaw had initially said the relationship between Jamaica and the IMF would have been formalised in October, but since then, that date has been moved to November.

Conditionalities

Shaw also pointed out that there would be conditionalities imposed on the country, but that any demands placed on the economy were necessary steps that had to be taken to steer the country on a path of growth.

" … The demands that are to be placed upon the economy would be demands whether we have an IMF agreement or we don't have one," he said.

"These are demands that are required, and if we don't get an agreement and we will, we would still have to put in fundamental transformational changes if we are serious about governance and if we are serious about the future of our country," he added.

Some 60 countries have also applied to the IMF for standby assistance.

Forty countries have so far received assistance.

dionne.rose@gleanerjm.com