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Viewing cable 10KINGSTON194, JAMAICA: IMF STANDBY FACILITY APPROVED

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Reference ID Created Released Classification Origin
10KINGSTON194 2010-02-08 15:48 2011-08-30 01:44 UNCLASSIFIED Embassy Kingston
VZCZCXYZ0013
OO RUEHWEB

DE RUEHKG #0194/01 0391551
ZNR UUUUU ZZH
O R 081548Z FEB 10
FM AMEMBASSY KINGSTON
TO RUEHC/SECSTATE WASHDC IMMEDIATE 0664
INFO EC CARICOM COLLECTIVE
RHMFIUU/CDR USSOUTHCOM MIAMI FL
RUEATRS/DEPT OF TREASURY WASHINGTON DC
RUEHLO/AMEMBASSY LONDON 0166
RUEHOT/AMEMBASSY OTTAWA
UNCLAS KINGSTON 000194 
 
SIPDIS 
 
E.O. 12958: N/A 
TAGS: ECON EFIN EINV PREL PINR SOCI EAIR IDB IBRD IMF JM
XL 
SUBJECT: JAMAICA: IMF STANDBY FACILITY APPROVED 
 
REF: KINGSTON 90 (251842Z JAN 10)(NOTAL) 
09 KINGSTON 1188 (301331Z DEC 09)(NOTAL) 
 
Summary 
 
 
 
1. (SBU) After a series of missed deadlines, the Government of 
Jamaica (GOJ) finally has secured a deal with the International 
Monetary Fund (IMF).  On February 4, the IMF approved a USD 1.27 
billion Standby facility for Jamaica, opening the door for a 
further USD 1 billion in funding from other multilateral 
institutions.  This is the first bit of positive news for the 
embattled Jamaica Labour Party (JLP)-led government and should lead 
to a recovery in confidence, especially as ratings agencies are 
expected to upgrade the country's credit ratings once the Jamaica 
Debt Exchange (JDX) is executed on February 16 (Reftel A). 
However, the extent of the recovery will depend on the GOJ's 
ability to control the fiscal deficit, which continues to spiral 
out of control due to declining revenues.  End summary. 
 
 
 
IMF Approves Standby Agreement 
 
 
 
2. (SBU) After almost a year of intense negotiations, on February 4 
the IMF finally approved Jamaica's request for a 27 month USD 1.27 
billion Standby facility.  The agreement immediately opens the door 
for the GOJ to draw down USD 650 million or just over 50 percent of 
the total loan amount.  The remainder of the funds will be 
disbursed in quarterly tranches providing the GOJ achieves the 
targets, including a number of legislations and the sale of a 
number of loss making entities, outlined in the letter of intent. 
Most notable, is the sale of Air Jamaica to Caribbean Airlines 
(Reftel B). 
 
 
 
Triggers Additional Funding 
 
 
 
3. (SBU) The IMF approval will pave the way for the GOJ to access 
at least another USD 1.1 billion in funding from the other 
multilateral institutions over the same 27 month period.  Of this 
amount, the Inter-American Development Bank will provide USD 600 
million, the World Bank USD 400 million and the Caribbean 
Development Bank USD 50 million.  Almost USD 700 million of this 
amount will be disbursed immediately.  The European Union, which 
publicly congratulated the GOJ following the announcement 
yesterday, is also expected to provide grant funding for fiscal 
support. 
 
 
 
JDX Progresses 
 
 
 
4. (SBU) The IMF deal also came on the back of news that the JDX 
had garnered almost 97 percent support up to February 4.  The 
offer, which had been set to close on January 26, has been extended 
to February 23 to accommodate retail bondholders.  However, the GOJ 
has made clear that late applicants will not receive any material 
benefit.  The JDX swaps JMD 701 billion in domestic debt at rates 
of up to 28 percent for bonds averaging 12.25 percent at extended 
maturities.  The exchange is expected to save the government JMD 40 
billion, or almost 3 percent of GDP each year, and to reduce by up 
to 65 percent the amount of debt maturing in the next three years. 
 
 
 
 
Comment 
 
 
 
5. (SBU) The long awaited IMF approval is the first piece of 
positive news received by the embattled GOJ in over a year. 
However, Minister of Finance Audley Shaw has suggested the IMF deal 
is the first element of a long process, which should culminate in 
the complete restructuring of the economy.  He noted that the JDX 
in particular is a game changing opportunity given the expected 
 
decline in interest rates, which should divert credit from the GOJ 
to the private sector.  And the exchange already has led to a 
decline in Treasury Bill rates, which dipped by 430 basis points to 
12.5 percent, prompting some banks to reduce loan rates to 17 
percent.  The ratings agencies also have signaled their intention 
to upgrade the country's credit ratings to investment grade once 
the JDX is executed on February 16.  However, the economic recovery 
will depend on the GOJ's ability to arrest the fiscal deficit, 
which has spiraled to almost 13 percent of GDP on the back of 
falling revenues. End comment. 
Parnell