Jamaica

Hurricane Melissa struck Jamaica shortly after the country successfully completed its Precautionary and Liquidity Line and the Arrangement under the Resilience and Sustainability Facility with the Fund. Jamaica’s strong track record of economic reforms has created critical buffers that are proving invaluable in addressing the economic fallout and reconstruction needs. Nevertheless, the widespread devastation caused by the hurricane, rising fiscal pressures, and a sharp decline in tourism receipts have generated a sizable balance-of-payments need in the short term. The authorities are, therefore, requesting emergency financial support under the Rapid Financing Instrument’s large natural disaster window of 80 percent of quota (SDR 306. 32 million or about US415 million).