The International Monetary Fund approved a new $1.64 billion loan for Jamaica, intended as insurance to support the country’s ongoing reform program to tackle poverty, create jobs, and improve living standards. With the economic progress achieved so far, Jamaica no longer has a need for IMF financing support, given the country has regained access to domestic and international capital markets. Therefore, this new precautionary IMF loan supports the government’s growth-and employment-focused reform agenda by providing an insurance against unanticipated external shocks—for example, a sharp increase in oil prices, global market volatility, or natural disasters. The precautionary arrangement also helps provide certainty of policy continuity and macroeconomic discipline.[…]