KINGSTON, May 8 (Xinhua) -- Jamaica's economic program was on the right track despite social challenges, an International Monetary Fund (IMF) official said Thursday.
During a meeting with Jamaican Prime Minister Portia Simpson-Miller, IMF Western Hemisphere Director Alejandro Warner praised the island nation's efforts under an agreement between the two sides.
Jamaica and the IMF signed an agreement last year under which a loan of 932 million U.S. dollars will be provided to the country over four years in return for the government's implementation of a raft of austerity measures, including a freeze on public sector wages, elimination of the fiscal deficit in two years, and reduction of the debt-to-GDP ratio from 140 percent to 96 percent in six years.
Jamaica has passed three IMF tests in the past 12 months, making it eligible for future tranches of the loan to be disbursed.
Simpson-Miller told the IMF director Thursday her government was fully committed to the program in the interest of Jamaica's people.
"The cabinet gives full support to the finance minister to ensure we are successful in meeting the targets set by the IMF," she said.
Warner said the program appeared to be on the right track but, as it progressed, the issue of growth and poverty alleviation should take center stage in the country's economic policy.
In response, Simpson-Miller said the government was seeking to bolster the foundation of the program by raising opportunities for growth and jobs.
Some initiatives, including tax reform and public sector modernization were underway to support that objective, the prime minister said.
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