IMF, Jamaica's government reach tentative $750 million deal

KINGSTON, Jamaica – The International Monetary Fund says it has reached a staff-level agreement with Jamaican officials to authorize a $750 million deal for the debt-laden island.

The deal aims to strengthen Jamaica’s public finances through several measures, including a comprehensive tax reform.

The IMF said in a statement Friday that board members are expected to review the deal by end of March.

Jamaica’s ruling party has said an IMF deal would help boost investor confidence and release hundreds of millions of dollars from international groups. But the main opposition party called on the government to debate the letter of intent and publicize it.

Jamaica’s debt is more than 140 per cent of gross domestic product, one of the highest debt-to-GDP ratios in the world.