KINGSTON, Jamaica (AP) The International Monetary Fund has cleared the way for Jamaica to receive a $30 million disbursement after the first performance review of a loan program designed to aid its struggling economy.
The move by the IMF executive board came Monday, some five months after the Washington-based agency approved an "extended fund facility" that could see heavily indebted Jamaica receiving $958 million in a four-year loan package.
A previous deal with the IMF forged in 2010 fizzled out after the Caribbean island did not meet performance targets.
Jamaica's Finance Ministry says the IMF board's approval opens up supplemental support from other development partners such as the World Bank.
Finance officials say the second review is expected to go to the IMF board for approval by the end of December.
