Press Release No. 11/51

Press Release No. 11/51
February 18, 2011

Mr. Trevor Alleyne, International Monetary Fund (IMF) mission chief for Jamaica, issued the following statement today in Kingston:

“A Fund mission visited Jamaica during February 14–18, 2011 to review macroeconomic data for end-2010 and discuss with the government recent economic developments, the economic policy initiatives planned for this year, and the parameters for the FY 2011/12 budget. The team met with the Minister of Finance Hon. Audley Shaw, Bank of Jamaica Governor Brian Wynter, Financial Secretary Wesley Hughes, and senior officials. The mission expresses its appreciation to the authorities and technical staff for their excellent cooperation.

“A preliminary review of the data for the December quarter indicates that the FY2010/11 fiscal program remains broadly on track and international reserves are at comfortable levels. The structural reform agenda continues to progress steadily.

“The mission discussed with the authorities the need to complement the existing policy framework with a growth strategy that featured actions/policies aimed at reducing the main impediments to growth. The authorities and staff concur on the need to implement projects that reflect national priorities and boost sustainable job creation and growth. Further, to adhere to the medium-term fiscal consolidation and debt reduction targets of the macroeconomic framework, the implementation of the growth strategy should come mainly from reprioritization within the existing expenditure envelope.

“A mission will return to Jamaica, most likely in late March, to conduct the fourth review of the Stand-By Arrangement.”