UPDATE 1-IMF completes first reviews of Jamaica arrangements, unlocking $866 million

The RSF is expected to incentivize renewable energy, develop green financial instruments and manage climate risks in the country's financial sector. "The authorities are advancing their ambitious climate policy agenda to increase resilience to climate change and green the economy," Sayeh said, noting the adoption of a disaster risk financing policy, new climate requirements for private public partnerships, and the approval of electric vehicle policy.

The International Monetary Fund (IMF) on Thursday said it had completed the first reviews of Jamaica's Precautionary and Liquidity Line (PLL) and Resilience and Sustainability Facility (RSF), allowing access to a total of some $866 million.

In a statement, the executive board's acting chair, Antoinette Monsio Sayeh, noted the Caribbean nation's "significant progress in strengthening its policy frameworks and implementing an ambitious climate policy agenda," supported by the two IMF arrangements. The IMF approved over $1.7 billion in funding for Jamaica in March under the PLL and RSF deals, to help the country insure against inflation, tighter fiscal conditions, possible COVID outbreaks and climate change.

The PLL, a two-year arrangement, is intended to help Jamaica buffer its economy against global financial risks, such as high commodity prices, surging borrowing costs and a global slowdown, as well as possible new COVID-19 outbreaks, the IMF said. The RSF is expected to incentivize renewable energy, develop green financial instruments and manage climate risks in the country's financial sector.

"The authorities are advancing their ambitious climate policy agenda to increase resilience to climate change and green the economy," Sayeh said, noting the adoption of a disaster risk financing policy, new climate requirements for private public partnerships, and the approval of electric vehicle policy.

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