Jamaica: Sixth Review Under the Stand-By Arrangements-Press Release; Staff Report; and Statement by the Executive Direct for Jamaica

IMF Staff Country Reports, November 7, 2019

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Canonical URL: Jamaica: Sixth Review Under the Stand-By Arrangements-Press Release; Staff Report; and Statement by the Executive Direct for Jamaica

The paper discusses Jamaica’s Sixth Review Under the Stand-By Arrangement (SBA).
All quantitative performance criteria, indicative targets, and the structural benchmark at end-June were met, marking a successful completion of the SBA.
Discussions centered on policies to lock-in macroeconomic stability and advance supply-side reforms to promote inclusive growth, including:
- building institutions and advancing fiscal reforms to safeguard and sustain economic stability and debt reduction;
- improving monetary operations and policy transmission; and
- bolstering financial inclusion, access to credit, and formality.
Important gains have been made in the oversight of financial institutions.

Most structural policy commitments are on track.
Delays were reported for some key reforms due to capacity constraints and the need to build stakeholder support. Delayed reforms include:
- public sector transformation;
- the compensation framework for public employees;
- legislation to establish a fiscal council; and
- creating a special resolution regime for financial institutions.

Safeguard and sustain economic stability and debt reduction through institutional and fiscal reforms.
Enhance monetary operations and strengthen policy transmission mechanisms.
Promote inclusive growth by bolstering financial inclusion, increasing access to credit, and encouraging formality.
Build capacity and stakeholder support to advance delayed structural reforms, including public sector transformation and legal frameworks for fiscal oversight and financial resolution.