Latest News

Economy has progressed under IMF's ERP, prime minister says

Friday, September 21, 2018

Print this page Email A Friend!

KINGSTON, Jamaica — Prime Minister Andrew Holness, says the economy has made progress under the International Monetary Fund (IMF) and Government of Jamaica Economic Reform Programme (ERP).

Speaking at an IMF Mission Review press conference at the Office of the Prime Minister today, Holness said the Government is pleased that its economic programme is proceeding on track.

“Reform efforts are bearing fruit and there is projected growth by the Planning Institute of Jamaica,” the prime minister noted.

“We have reserves, which are ahead of programme targets; employment continues to be strong; inflation continues to be low; interest rates are at record lows, and, generally, there is a sense of confidence in the economy,” he said.

Also participating in the press cinference were Minister of Finance and the Public Service, Dr Nigel Clarke; and IMF Mission Chief to Jamaica, Dr Uma Ramakrishnan, who spoke about the Fourth Review of the Standby Arrangement, which took place between September 10 and 21.

Based on the review, Clarke announced that Jamaica has met all the quantitative performance requirements under the ERP.

“The shared assessment of the IMF and of the Government of Jamaica is that Jamaica's Policy Implementation under the Economic Reform Programme remains strong. Jamaica has met all quantitative performance criteria under the programme through to the end of June 2018, and the Government has also met all 21 structural benchmarks in the programme to date, of which seven have been on the macro-fiscal side and 14 have been connected with public-sector reform,” Dr Clarke said.

The minister noted that there are only two structural benchmarks remaining under the Standby Arrangement, as at the commencement of the fourth review.

He emphasised that budget execution remains strong, the Government's primary surplus exceeded the budget as at the end of June 2018 by an appreciable degree, and tax revenues were buoyant.

Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at




1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed:

6. If readers wish to report offensive comments, suggest a correction or share a story then please email:

7. Lastly, read our Terms and Conditions and Privacy Policy

comments powered by Disqus



Today's Cartoon

Click image to view full size editorial cartoon