Ja on Track to Meet Targets

Jamaica is on track to meet the quantitative performance criteria and indicative targets under the new precautionary standby agreement with the International Monetary Fund (IMF).

Co-Chair of the Economic Programme Oversight Committee (EPOC), Keith Duncan, gave assurance that with the positive macroeconomic indicators for the October review period, the country will likely meet the targets for December.

“After reviewing the numbers, we are cautiously optimistic that with two months left in the review period, which is at the end of December 2016, we should be on track to make our targets,” he said.

Mr. Duncan was giving a report at a media briefing at the Sagicor Life Building in New Kingston on Tuesday (December 13).

He said the primary balance for central government for October was already ahead of the $54-billion target for December, achieving $56.2 billion.

Tax revenues also continue to surpass targets, achieving $245.9 billion for October, ahead of a target of $241.2 billion. Non-borrowed Net International Reserves (NIR) for the month were US$1.422 million, on track to achieve the December target of US$1.405 million.

EPOC had its first meeting under the new economic programme on December 9.