When the International Monetary Fund (IMF) finally confirmed in February that a US$1.27-billion loan for Jamaica had been approved, it put to rest several months of speculation about the agency’s return to our country. Although there have been several debates in the media about the impact that the IMF agreement may have on our economy, many people are still not very clear about what these policies will mean to them.

Recently, the Jamaica Co-operative Credit Union League (JCCUL) hosted a public forum in St Ann, where topical financial issues were discussed. Denise Garfield, JCCUL’s corporate planner, delivered an insightful presentation outlining the role of the IMF and what the agreement will signify for Jamaica.

What is the IMF?

Garfield demystified the IMF by explaining that it was an organisation made up of 186 member countries, which have the ability to borrow from the fund when necessary. The purpose of the IMF, Garfield noted, was to foster global growth and economic stability by providing policy advice and financing to members facing financial difficulties. Continue reading The IMF and You →