Use the following terms to explain how the IMF manipulated Jamaica’s agricultural economy: tariff, devalue, exports,...

Use the following terms to explain how the IMF manipulated Jamaica’s agricultural economy: tariff, devalue, exports, imports.

Expert Solution

Jamaica's economy is agriculture based and required support of IMF for growth and development. The IMF gave assurance of support in terms of job creation, poverty alleviation and improving lives of the people in Jamaica. For this, IMF asked Jamaica to follow programs that started with the removal of import tariff and let foreign MNCs come and operate in Jamaica, it will create jobs and people' purchasing power will rise. The program also encouraged Jamaica to increase its own export of agricultural products such as Sugar, banana, cocoa and Coffee. But for that, it required to devalue the currency so that it could compete in international market. It increased the trade deficit as imports were also increased. It led Jamaica to go back to IMF again and asked for the next round of funding. It made IMF to completely control the economy of Jamaica as per its own agenda and brought huge manipulation.

Rahul Sunny answered 2 years ago

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