Name: Londa Holmes
Institution: Bethlehem Moravian College
Course: Social Studies
Lecturer: Mrs. Blythe-Miles
The International Monetary Fund (IMF) was designed to help “minimize the potential severe negative and social impact of the current global financial and economic turbulence”, Dominique strauss-kahn (2008). The IMF fund conduct its regular multilateral and bilateral surveillance and to provide policy advice and technical assistance to members ex Jamaica, also the Fund can draw on extra resources through standing borrowing arrangements in the event that the crisis continues to spread. Signing the new agreement with the International Monetary Fund (IMF) will affect the country socially and economically.
One of Jamaica’s biggest economical problems is debt, with a debt of 1.2 trillion US and interest rates up to 24%, leading to Jamaica paying the highest interest in the world. According to the Jamaica gleaner, $325 billion of a total of $561 billion goes for debt servicing. In order to try and solve Jamaica’s debt problem, the government...