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This book explores Jamaica's contemporary relationship with the International Monetary Fund since 2010. It looks at Jamaica's high debt and its inability to access financial support amidst international capital market restrictions, contextualizing harsh socio-economic realities. This book discusses Jamaica's second return to the IMF and the resulting network of actors, governance and political and socio-economic efforts to re-engender a relationship with a "new' IMF. Credibility was restored, demonstrated by and leading to the successful implementation of the 2013 Extended Fund Facility and subsequent exit to a Precautionary Stand-By Arrangement in 2016. Clarke and Nelson signal from their analyses lessons learned, discussing the economic prognosis for Jamaica as well as their relationship with the IMF under the shadow of the COVID pandemic.
List of contents
Chapter 1. Introduction.- Chapter 2. The Second Return to the Fund.- Chapter 3. Restoring Credibility: Passing All the Tests.- Chapter 4. Tracking the Themes through the Medium Term Economic and Financial Programs.- Chapter 5. A New Element: The Governance Paradigm and EPOC.- Chapter 6. Success and Continuity in the Program.- Chapter 7. Analysis, Lessons Learned, and Outlook.- Chapter 8. The Road to Vision 2030: Sustainability, Growth, and Development.- Chapter 9. Policy Implications.- 10. Looking Forward: The Journey Continues.
About the author
Christine Clarke is Lecturer in Public Policy, Development Economics, and Finance and Development at the University of the West Indies, Mona, Jamaica. She serves on the Board of the Bank of Jamaica, Jamaica's central bank, and has worked at the Planning Institute of Jamaica in various capacities, from Economic Advisor to the Director-General to the Director of Economic Planning and Research. She earned her PhD in Public Finance from Rice University, USA.
Carol Nelson is Lecturer in the Department of Government at the University of the West Indies, Mona, Jamaica. She has over 20 years of experience in the public sector, interfacing with international financial, regional and development institutions and has represented the Government of Jamaica in varying capacities, inclusive of CARICOM, on the Board of the Caribbean Development Bank (CDB), and at the United Nations. Her first book,
Social Partnership and Governance Under Crises captures the development of network relations in furthering governance of the public sector under crisis conditions in the Jamaican context. Holding a PhD in Government as well as a Professional Certificate in Strategic Climate Change Adaptation, she lectures on subject areas of International Political Economy and Organizations, Analysis of Political Opinion & Media, Governance and Climate Change.
