IMF Talks Proving Agonisingly Slow

Jamaica's negotiations with the IMF regarding a US$1.2bn Stand-by Arrangement have dragged on for much longer than anticipated, triggering fears that some form of debt-restructuring may be inevitable. Standard & Poor's decision to knock Jamaica's sovereign rating down another notch from 'CCC+' to 'CCC' on November 2, following the departure of central bank governor Derick Latibeaudiere, confirmed our long-held suspicions that all is not well.

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