IMF reaches agreement with Jamaica for possible $958 million loan package over 4 years

The International Monetary Fund says debt-swamped Jamaica could receive up to $958 million in a four-year package.

The IMF says it will recommend this new program to its executive board, which should consider approving it at a meeting later this month.

In a Monday statement, the IMF says Jamaica has successfully met mandated prior actions. It says the success of a new deal depends on strengthening public finances, approving a set of reforms, and debt sustainability.

Overall, Jamaica's debt is over 140 percent of gross domestic product. Roughly 55 percent of government spending goes to paying it.

In February, Jamaica launched a debt-swap program to satisfy conditions to forge a new pact with the IMF and halt what the prime minister described as an economic crisis.