Jamaica and the International Monetary Fund information
Overview of the relationship between Jamaica and the International Monetary Fund
Jamaica joined the International Monetary Fund (IMF) in February 1963[1] under the leadership of The Rt. Hon. Sir Alexander Bustamante,[2] one year after the country's independence.[3] From 1963 to 1966, Rt. Hon. Sir Donald Sangster served as Jamaica's governor to the IMF and World Bank, and represented Jamaica during delegations held at the IMF and World Bank's Washington D.C. headquarters.[4] In 1963, the IMF made its first loan to Jamaica ever, in the amount of 10 million SDR's.[5] In 1967, Sir Donald Sangster was elected as Jamaica's second Prime Minister, simultaneously serving as Minister of Finance and Minister of Defense.[6]
Moreover, Jamaica played a pivotal role in hosting the 1976 IMF Interim Committee in Jamaica, during the IMF's changing role within the Bretton Woods system that, in 1944, had previously been established after World War II.[7] In a letter to President Ford, William E. Simon highlighted the major revisions of the Bretton Woods system that took effect as a result of the ratification of the Jamaica Accords.[8] The Jamaica Accords focus was to abolishment of the Gold Standard that the Bretton Woods System had previously established.[9] In order to create a more stable international monetary system, the Jamaica Accords served to create a more versatile foreign exchange rate that focused on a floating foreign exchange rate.[10] In addition to the abolishment of the Bretton Woods system, a secondary meeting was held in Jamaica that helped the Development Committee to refocus on developing countries financial problems within the International Monetary System. In conclusion, this meeting established the implementation of expanded access to IMF resources through a Trust Fund in order to create more support for developing countries.[11]
^"Jamaica and the IMF". IMF.
^"Alexander bustamante - The National Library of Jamaica". The National Library of Jamaica.
^"Central America :: Jamaica — The World Factbook - Central Intelligence Agency". www.cia.gov. 20 July 2022.
^"The Rt. Hon. Sir Donald Sangster (1911 - 1967) - The National Library of Jamaica". The National Library of Jamaica. Retrieved 2018-12-01.
^"History of Lending Arrangements:Jamaica". www.imf.org.
^"The Rt. Hon. Sir Donald Sangster (1911 - 1967) - The National Library of Jamaica". The National Library of Jamaica.
^"Foreign Relations of the United States, 1969–1976, Volume XXXI, Foreign Economic Policy, 1973–1976 - Office of the Historian". history.state.gov.
^"Foreign Relations of the United States, 1969–1976, Volume XXXI, Foreign Economic Policy, 1973–1976 - Office of the Historian". history.state.gov.
^"Foreign Relations of the United States, 1969–1976, Volume XXXI, Foreign Economic Policy, 1973–1976 - Office of the Historian". history.state.gov.
^Halm, George N. "Jamaica and the Par-Value System" (PDF). www.princeton.edu. Archived from the original (PDF) on 2017-06-18. Retrieved 2018-12-14.
^"Foreign Relations of the United States, 1969–1976, Volume XXXI, Foreign Economic Policy, 1973–1976 - Office of the Historian". history.state.gov.
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