Jamaica is facing serious financial difficulties and the government has hinted that it might have to seek help from the International Monetary Fund (IMF) to meet demand for foreign exchange.
Prime Minister Bruce Golding made the statement in Parliament Wednesday in answer to a question from the opposition.
Golding said Jamaica might not have adequate supplies of foreign exchange to meet the country's demand throughout the fiscal year because of the impact of the global financial crisis on the country's main sources of foreign exchange, particularly bauxite, remittances and tourism.
Two local bauxite companies have been temporarily closed as a result of the crisis, while remittances have dipped by 14 per cent compared with the similar period last year, he said.
However he assured Parliament that talks with the IMF are only a precautionary measure. Golding said discussions with the agency so far have only been to identify the facilities available at the fund if Jamaica needed to seek support for its balance of payments.
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