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IMF Set to Impose More Economic Pain On Jamaica

AFRICANGLOBE - On the eve of Lent Jamaica’s prime minister, Portia Simpson Miller, placed holders of the government’s local-currency bonds on an austerity diet, asking them to accept a lower interest rate. Her finance minister followed up with unpopular emergency tax increases. In return, on February 15th the IMF announced a preliminary agreement to a $750m loan. The Lenten diet is set to continue: approval of the credit by the Fund’s board will require prior approval of more tax rises and a public-sector pay freeze.
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