Advertisement
JIS News

Story Highlights

  • Jamaica is on course for a 12th drawdown, totalling US$80 million, from the International Monetary Fund (IMF).
  • The country has met all targets under the Extended Fund Facility (EFF) for the December 2015 and March 2016 quarters, which were reviewed by the IMF Staff Mission Team to Jamaica over the past two weeks.
  • This was disclosed by Mission Head, Dr. Uma Ramakrishnan, who advised that disbursement of the funds is subject to the approval of the Executive Board, which is scheduled to meet in June.

Jamaica is on course for a 12th drawdown, totalling US$80 million, from the International Monetary Fund (IMF).

The country has met all targets under the Extended Fund Facility (EFF) for the December 2015 and March 2016 quarters, which were reviewed by the IMF Staff Mission Team to Jamaica over the past two weeks.

This was disclosed by Mission Head, Dr. Uma Ramakrishnan, who advised that disbursement of the funds is subject to the approval of the Executive Board, which is scheduled to meet in June.

She was speaking at media briefing at the Ministry of Finance and the Public Service in Kingston,  on  May 20.

Noting that Jamaica’s economic reform programme “remains on track,” Dr. Ramakrishnan says tax revenue targets were met for the first time since the onset of the global financial crisis in 2007,  and the Government’s primary surplus for the 2015/16 fiscal year “slightly” exceeded the target of 7.25 per cent of the gross domestic product (GDP).

Dr. Ramakrishnan said the overall programme has recorded significant macro-economic improvements.

These include: low inflation, which fell to a record three per cent at the end of 2015/16, the lowest outturn since the 1966/67 fiscal year; a 50 per cent reduction in the current account deficit; and improved access to the domestic and international capital markets, supported by upgrades in credit ratings.

For his part, Finance and Public Service Minister, Hon. Audley Shaw, emphasized that the administration “remains fully committed to the objectives under the EFF-supported reform programme, and overall debt reduction in particular.”

He pointed out that the broad macro-economic indicators are “positive,” noting that unemployment has fallen marginally, private sector credit is growing, and the stock market continues to display positive trends.

“The outlook for continued and strengthened economic recovery is, therefore, quite good. The Government of Jamaica and the IMF team have worked to clarify the path to the end of the EFF programme. We look forward to a mutually supportive relationship through to the end of this programme and beyond,” the Minister said.

Skip to content