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Jamaica expected to pass 4th review under IMF standby agreement

Thursday, October 18, 2018

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KINGSTON, Jamaica — Economic Programme Oversight Committee (EPOC) Co-Chairman Keith Duncan is anticipating that the International Monetary Fund's (IMF) Executive Board will ratify Jamaica's fourth review under the IMF's Precautionary Standby Arrangement (PSBA), when its members meet for deliberations on November 5.

Duncan said this optimism is based on the economic programme's out-turns through to the end of June 2018, which saw the Government meeting all quantitative performance criteria and indicative targets, except inflation.

The IMF's Mission Team to Jamaica conducted the review between September 10 and 21.
Duncan was speaking at EPOC's quarterly media briefing at Jamaica Money Market Brokers Limited's (JMMB) corporate offices in Kingston yesterday.

Notable among the out-turns, he said, is the $31.3 billion primary surplus recorded at the end of June, which far exceeded the $18-million target; tax revenue inflows of $128.7 billion, surpassing the $110-billion target; and non-borrowed reserves totalling $2.48 billon, which outweighed the $2.07-billion target.

“We do expect a favourable review, in spite of the inflation target coming in at 2.8 per cent… below the programme range [of] 3.5 to 6.5 per cent,” the EPOC co-chairman told journalists.

He reiterated that consequent on the strong economic performance, the Government met all seven macroeconomic fiscal structural benchmarks for the November 2017 to August 2018 period.

Additionally, the Administration met the 14 structural benchmarks for public-sector transformation, and public bodies and public-service reform through to the end of August 2018.

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