{
  "title": "Press Release: IMF Executive Board Concludes Second Review Under Stand-By Arrangement with Jamaica and Approves US$49.2 Million Disbursement",
  "publication": "IMF News, September 24, 2010",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/14/01/49/pr10353",
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  "summary": "The Executive Board concluded the second review of Jamaica’s economic performance under the Stand-By Arrangement (SBA).",
  "publishDate": "2010-09-24",
  "sections": [
    {
      "heading": "Review outcome and disbursement",
      "content": "- The Executive Board concluded the second review of Jamaica’s economic performance under the Stand-By Arrangement (SBA).\n- Completion of the review enables the immediate disbursement of an amount equivalent to SDR 31.9 million (about US$49.2 million).\n- Total disbursements under the arrangement to date: SDR 509.9 million (about US$786.2 million)."
    },
    {
      "heading": "Program performance and compliance",
      "content": "- \"The program performance continues to be positive, with all end-June quantitative performance criteria met and all but one structural benchmark completed, owing to circumstances beyond the Jamaican authorities control.\"\n- Key macro outcomes and risks noted by management:\n  - Inflation is declining more rapidly than projected.\n  - Market confidence has improved, with interest rates falling to their lowest levels in many years.\n  - Incipient signs of a recovery; projected that growth will turn positive in the second half of the fiscal year.\n  - Fiscal performance remains on track with all quantitative performance targets met.\n  - Risks remain from the uncertain external economic environment, Jamaica’s still high debt level, and susceptibility to external shocks.\n- Policy emphasis: continued expenditure restraint, especially on the wage bill, is critical for meeting short-term fiscal targets and ensuring a shared burden of the fiscal adjustment."
    },
    {
      "heading": "Program design and pillars",
      "content": "- The IMF’s Executive Board approved a 27-month SBA in an amount equivalent to SDR 820.5 million (about US$1.27 billion; 300 percent of quota) on February 4, 2010 (see Press Release No. 10/24).\n- Program pillars include:\n  - Fiscal consolidation and institutional reform, including fiscal responsibility legislation and Central Treasury Management.\n  - Public debt restructuring, which was completed as a prior action under the program.\n  - Financial sector reform, including measures to improve consolidated supervision and the regulation of non-banks."
    },
    {
      "heading": "Structural and financial sector reforms — progress and priorities",
      "content": "- Noted progress:\n  - Divestment of the Sugar Company of Jamaica.\n  - Completion of action plans for tax administration and central Treasury management reforms.\n- Priorities and recommendations:\n  - Ensure ongoing plans for public sector rationalization and tax incentives reform deliver gains in fiscal savings and economic efficiency.\n  - Continue reforms aimed at strengthening prudential requirements and the overall supervisory framework in the financial sector."
    },
    {
      "heading": "Statement by Mr. Murilo Portugal, Deputy Managing Director and Acting Chair",
      "content": "- Quoted assessment:\n  - \"Overall performance under the Stand-By Arrangement continues to be positive.\"\n  - Emphasized the need for \"continued vigilance\" given remaining risks.\n  - Reiterated importance of expenditure restraint and of further structural reforms to resolve underlying economic imbalances and strengthen the basis for strong and sustained growth.\n  - Confirmed that financial sector reforms \"are proceeding satisfactorily.\"\n\nPress Release No. 10/353, September 24, 2010.\n\n---\n\n\n References\n\n- Jamaica and the IMF\n- Portugal and the IMF\n- Press Releases\n- PRESS CENTER\n- Press Release No. 10/24\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr10353"
    }
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    "Published: September 24, 2010",
    "The Executive Board concluded the second review of Jamaica’s economic performance under the Stand-By Arrangement (SBA).",
    "Completion of the review enables the immediate disbursement of an amount equivalent to SDR 31.9 million (about US$49.2 million).",
    "Total disbursements under the arrangement to date: SDR 509.9 million (about US$786.2 million).",
    "\"The program performance continues to be positive, with all end-June quantitative performance criteria met and all but one structural benchmark completed, owing to circumstances beyond the Jamaican authorities control.\"",
    "Key macro outcomes and risks noted by management:",
    "Policy emphasis: continued expenditure restraint, especially on the wage bill, is critical for meeting short-term fiscal targets and ensuring a shared burden of the fiscal adjustment.",
    "The IMF’s Executive Board approved a 27-month SBA in an amount equivalent to SDR 820.5 million (about US$1.27 billion; 300 percent of quota) on February 4, 2010 (see Press Release No. 10/24).",
    "Program pillars include:",
    "Noted progress:",
    "Priorities and recommendations:",
    "Quoted assessment:",
    "[Jamaica and the IMF](http://www.imf.org/external/country/JAM/index.htm)",
    "[Portugal and the IMF](http://www.imf.org/external/country/PRT/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[Press Release No. 10/24](https://www.imf.org/external/np/sec/pr/2010/pr1024.htm)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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