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Lining Up and Jumping the Hurdles to Long-Term Growth (Part I)

In: Jamaica’s Evolving Relationship with the IMF

Author

Listed:
  • Christine Clarke

    (University of the West Indies)

  • Carol Nelson

    (University of the West Indies)

Abstract

IMF agreements have often been criticized for their silence on matters relating to the generation of economic growth due to their tendency to be narrowly focussed on balance of payments support. The IMF has, however, over time recognized the limited success of any programme that does not actively support growth-enhancing or growth-inducing activities whilst focussing conditionalities on mandate-related areas. Jamaica has been seized with the need to generate sustainable, rapid rates of economic growth even in the context of the need to establish macroeconomic and financial sector stability. In this regard, the 2013 Extended Fund Facility inked with the International Monetary Fund did not narrowly focus on the specification of the programme conditionalities but addressed the question of what steps would be taken to simultaneously achieve economic growth through focus on selected critical impediments to private sector dynamism. This chapter presents a synthesized view of these strategic investments as well as the extent to which the growth agenda contained in the programme was responsive to emerging needs.

Suggested Citation

  • Christine Clarke & Carol Nelson, 2021. "Lining Up and Jumping the Hurdles to Long-Term Growth (Part I)," Springer Books, in: Jamaica’s Evolving Relationship with the IMF, chapter 0, pages 49-76, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-59204-2_3
    DOI: 10.1007/978-3-030-59204-2_3
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