IMF 8th EFF Review Mission in Jamaica
By: , May 4, 2015The Key Point:
The Facts
- The IMF Staff’s Review will include meetings with Finance and Planning Minister, Dr. Peter Phillips; the Financial Secretary, Mr Devon Rowe; and the Governor of the Bank of Jamaica, Mr Brian Wynter.
- The IMF team will also have a series of consultations with government officials, technical staff and key stakeholders, including the private sector.
The Full Story
A mission from the International Monetary Fund (IMF) is currently in Jamaica to conduct the 8threview of Jamaica’s performance under the Extended Fund Facility (EFF). The IMF Staff’s Review will include meetings with Finance and Planning Minister, Dr. Peter Phillips; the Financial Secretary, Mr Devon Rowe; and the Governor of the Bank of Jamaica, Mr Brian Wynter. The IMF team will also have a series of consultations with government officials, technical staff and key stakeholders, including the private sector.
The 8th review, from 4th – 12thMay 2015, comes against the background of an improving macroeconomic environment. Inflation has fallen faster than projected and at end the fiscal year 2014/2015 stood at around 4.0%, the lowest in 48 years. The Balance of Payments position continues to improve, and as at 17 April 2015, the stock of gross reserves represents 20.4 weeks of projected imports of goods and services; and the Net International Reserve (NIR) is approximately US$2.4Bn strong.
The Ministry of Finance and Planning maintains that the implementation of the overall economic reform programme remains strong. Overall macroeconomic performance remains on track and structural reforms are progressing satisfactorily. The Ministry has noted that factors such as the impact of significantly better than expected inflation, lower than projected real GDP growth arising from unforeseen shocks, including the extensive period of the drought, as well as, the impact of the first full fiscal year of the new Fiscal Incentive regime are among some of the main factors underlying the lower-than-targeted growth in tax revenues. These issues will be discussed with the staff of the IMF mission as a part of the 8TH programme review.
The Government remains unwavering in its commitment to economic reform programme which will result in increased job creation and economic growth. The Ministry of Finance will continue to respond to changes in the macroeconomic environment to ensure that policy objectives are achieved going forward.
The Ministry of Finance and Planning will provide an update to the country at the conclusion of the review.