IMF Staff Country Reports

Jamaica: First Reviews Under the Precautionary and Liquidity Line and Under the Resilience and Sustainability Facility Arrangements-Press Release; Staff Report; and Statement by the Executive Director for Jamaica

September 5, 2023

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Format: Chicago

International Monetary Fund. Western Hemisphere Dept. "Jamaica: First Reviews Under the Precautionary and Liquidity Line and Under the Resilience and Sustainability Facility Arrangements-Press Release; Staff Report; and Statement by the Executive Director for Jamaica", IMF Staff Country Reports 2023, 321 (2023), accessed October 6, 2024, https://doi.org/10.5089/9798400254215.002

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Summary

This paper highlights Jamaica’s First Reviews under the Precautionary and Liquidity Line (PLL) and under the resilience and sustainability facility arrangements. Jamaica’s commitment to macroeconomic stability and strong policy frameworks has allowed the country to navigate a difficult global environment. The authorities have continued to enhance fiscal, financial, and Anti-Money Laundering and combating the Financing of Terrorism (AML/CFT) policy frameworks, and are implementing an ambitious climate policy agenda. Entrenched macroeconomic stability and sound policy frameworks continue to support economic growth, allowing Jamaica to navigate a complex global environment. Important progress has been made on the fiscal reform agenda, including the reform of the public wage structure to eliminate distortions in the salary scale and to retain skilled workers, and improvements in the fiscal policy framework. Climate-oriented reforms of the fiscal framework, incentives for investments in renewables and the greening of the financial system can foster investor confidence and catalyze private climate financing.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Central Banks, Crime, Expenditure, External debt, International organization, International reserves, Monetary policy, Public debt

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Climate policy agenda, Disaster risk financing policy, Global, International reserves, Jamaican authorities, PLL qualification criteria, Policy agenda, RSF review

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