Jamaica: Third Reviews Under the Arrangement Under the Precautionary and Liquidity Line and the Arrangement Under the Resilience and Sustainability Facility-Press Release and Staff Report
IMF Staff Country Reports, August 30, 2024
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- Jamaica: Third Reviews Under the Arrangement Under the Precautionary and Liquidity Line and the Arrangement Under the Resilience and Sustainability Facility-Press Release and Staff Report
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Bibliographic details
- Published: August 30, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400287893.002
Summary findings
- Jamaica’s response to recent shocks has strengthened the credibility of policy frameworks.
- Economic environment characterized by sustained growth, declining debt, low inflation, and a strengthened external position.
- Continued implementation of an ambitious reform agenda strengthening fiscal and financial policy frameworks and the climate policy agenda to increase resilience to climate change.
- Going forward, gross domestic product growth is expected to converge to potential and inflation to return to the mid-point of the target band.
Economic outlook and macro-financial context
- Growth: Gross domestic product growth is expected to converge to potential.
- Inflation: Inflation is expected to return to the mid-point of the target band.
- External and fiscal positions: Noted improvements—declining debt, low inflation, and a strengthened external position.
Precautionary and Liquidity Line (PLL) support and outcomes
- Strengthened the institutional framework for consolidated supervision of financial conglomerates.
- Enhanced the framework for the resolution of financial institutions.
- Brought the anti-money laundering and countering the financing of terrorism (AML/CFT) framework to international best practice.
- Improved data adequacy.
Resilience and Sustainability Facility (RSF) support and outcomes
- Supported Jamaica’s agenda to accelerate the transition to renewables.
- Increased resilience to climate change.
- Enhanced the climate focus in fiscal policy frameworks.
- Strengthened the management of climate risks by financial institutions.
- Catalyzed climate financing.
Policy emphasis and thematic areas
- Anti-money laundering and combating the financing of terrorism (AML/CFT).
- Climate change and environment, including renewable energy transition and resilience measures.
- Fiscal policy and public debt management.
- Financial sector supervision, resolution, and data adequacy.
Content in this bundle
- 1jamea2024002-print-pdf