Jamaica: Request for an Arrangement Under the Precautionary Liquidity Line and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Jamaica

This paper highlights Jamaica’s Request for an Arrangement under the Precautionary Liquidity Line (PLL) and Request for an Arrangement under the Resilience and Sustainability Facility (RSF). Jamaica has been buffeted by a difficult global environment—from coronavirus disease, the war in Ukraine, and the ongoing tightening of global financial conditions. IMF assesses that Jamaica qualifies for the PLL, performing strongly in three out of five qualification areas and not substantially underperforming in other areas. The authorities plan to treat the PLL as precautionary. The arrangement would support efforts to strengthen physical and fiscal resilience to climate change, advance decarbonization of the economy, and manage the associated transition risks. The RSF is expected to catalyze funding for Jamaica’s climate priorities from other official lenders and the private sector. The RSF will support Jamaica’s ambitious agenda to accelerate the transition to renewable power generation, increase resilience to climate change, enhance the climate focus in fiscal policy frameworks, and strengthen management of climate risks by financial institutions.