Govt misses IMF reform deadline

Tuesday, September 24, 2013

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KINGSTON, Jamaica -- The Government says it expects the International Monetary Fund (IMF) staff to issue a statement this afternoon, which should clarify the situation concerning its first quarterly test performance under the new Extended Fund Facility (EFF) agreement.
This follows the announcement in the House of Representatives yesterday that the Government will not be able to meet the end-of-September deadline for tabling tax incentive reform legislation.
Minister of Finance and Planning, Dr Peter Phillips, made the announcements during the sitting of the House of Representatives this afternoon.
Phillips conceded that the government would not be able to meet next Monday’s deadline for tabling tax incentive reform legislation, which was agreed with the International Monetary Fund (IMF) and the Inter American Development Bank (IDB), as part of the Tax Reform measures.
“The legislation will now be tabled in October,” he told the House in a statement. He explained, however, that the delay will not impact the expected timeline for effectiveness of the legislation.
“The Government of Jamaica has been assured by the IMF staff that this revised process will not delay the scheduled Board meeting to discuss the completion of the first review, and we are confident that this review will be completed,” Phillips said.
He said that the government is reassured by the fact that the staff of the IMF has circulated the relevant documentation in accordance with the agreed schedule.
More information later.




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