PRIME Minister Bruce Golding says there is no need for Jamaica to return to the International Monetary Fund (IMF) at this time, as the country is not experiencing any balance of payments problem.

Golding explained to reporters at Wednesday's post-Cabinet meeting at Jamaica House that traditionally countries seek IMF intervention when there is a balance of payments problem. "We have not had a balance of payments problem for a long time, but we are watching that situation carefully," he said.

He said a close watch would have to be kept on areas such as the bauxite and alumina industry which has experienced major fallout and which accounts for 60 per cent of our merchandise exports.

"If we are only able to keep the JAMALCO plant open for this year, you are talking about only 30-35 per cent of our traditional export capacity which would be on line. Remittance is still coming in, but this has also fallen significantly," Golding said.

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