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Jamaica’s economic ‘miracle’


Jamaica’s economic ‘miracle’

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THE INTERNATIONAL MONETARY Fund’s (IMF) deputy managing director Min Zhu says Jamaica’s achievements so far under the Extended Fund Facility agreement with the fund can only be described as miraculous.

Addressing students at Montego Bay Community College in St James after a tour of the facilities on Wednesday, Min said because of the financial “miracle” that the Government has performed, the local economy is turning in a positive direction.

“By our forecast, the growth this year will be stronger than last year, and even more important, for next year the growth will be stronger than this year. Meanwhile, the fiscal deficit will drop to almost zero… so I think it’s absolutely a miracle. It’s a great achievement by the Jamaican Government,” he said.

Min, who is in Jamaica attending the two-day 2014 High Level Caribbean Financial Forum which concludes today at Montego Bay Convention Centre in Rose Hall, St James, said the IMF is committed to moving forward with Jamaica.

“For the future, the key issue is we need the support of growth… we need the young people, we need the leaders of the future,” he told the students.

Min, along with other IMF representatives and Finance Minister Dr Peter Phillips, Bank of Jamaica Governor Brian Wynter, and finance ministry officials toured the Electrical Technology and Food Technology departments of the community college, where they observed final-year students participating in laboratory activities. (Jamaica Observer)