IMF Team to Conduct Review August
By: , July 15, 2014The Key Point:
The Facts
- Minister Phillips said that the Government is confident that all quantitative targets and structural benchmarks for the June quarter have been successfully met.
- Completion of the fourth review of the Extended Fund Facility with Jamaica resulted in a disbursement of a further SDR 49.95 million (US$70.9 million), bringing the total disbursement under the arrangement to US$414.4 million.
The Full Story
A team from the International Monetary Fund (IMF) is scheduled to undertake the fifth review of the country’s performance under the Extended Fund Facility, in August.
“During that period the Mission will assess performance for the quarter ending June 2014 and the outlook going forward,” Minister of Finance and Planning, Dr. the Hon. Peter Phillips, outlined.
Delivering a Statement in the House of Representatives on July 15, the Minister said that the Government is confident that all quantitative targets and structural benchmarks for the June quarter have been successfully met.
Completion of the fourth review of the Extended Fund Facility with Jamaica resulted in a disbursement of a further SDR 49.95 million (US$70.9 million), bringing the total disbursement under the arrangement to US$414.4 million.
Dr. Phillips said even though the Economic Reform Programme (ERP) is challenging, “we have seen the real economy begin to respond positively.”
“There has been a return to growth, employment has increased and unemployment has declined. Inflation is below the targeted range, the current account deficit of the balance of payments has narrowed and there has been an increase in net international reserves,” he stated.
The Minister said these positive developments in the economy have caught the attention of not only the IMF, but also the wider international community.
“This is just the beginning. Our progress must not only be sustained, but amplified and this will depend on the continued support of the Government in its widest sense, the private sector and the international community,” Dr. Phillips said, adding that the priority must now be on growth and job creation.
“I am aware of both committed investments and those nearing finalization of over US$3 billion across a range of sectors, including agriculture, tourism, energy and port operations,” Dr. Phillips said.
He added that these investments relate to new projects and will be undertaken primarily by foreign investors over the next 12 to 18 months.