IMF says talks will continue with Jamaica to finalize terms of $1.2 billion standby loan

Associated Press
11/06/09 4:25 PM PST

KINGSTON, JAMAICA — The International Monetary Fund is offering assurances talks will continue with Jamaica on a $1.2 billion standby loan.

Friday's statement came a week after Jamaica's government forced out the central bank president, Derick Latibeaudiere, who had been negotiating with the IMF for the loan for the cash-strapped Caribbean island.

Trevor Alleyne, chief of the IMF's Caribbean division of the IMF, says in the statement that the IMF "appreciates the significant challenges faced by Jamaica." He says talks have focused on reducing the government's deficit.

Talks are expected to resume next week in Washington.

A spokesman from Prime Minister Bruce Golding's administration did not immediately return calls Friday evening.

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