{
  "title": "Jamaica works to maintain its hard-won economic stability",
  "publication": "IMF News, February 22, 2022",
  "sourceUrl": "https://www.imf.org/en/news/articles/2022/02/18/cf-jamaica-works-to-maintain-its-hard-won-economic-stability",
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  "summary": "Prior to the pandemic, Jamaica had successfully stabilized the economy, turning a fiscal deficit of 11 percent of GDP in 2009 into a 1 percent surplus in 2019, and reducing public debt from 142 percent of GDP in 2009 to 94 percent by 2019.",
  "publishDate": "2022-02-22",
  "sections": [
    {
      "heading": "Pre-pandemic stabilization: fiscal and debt outcomes",
      "content": "- Fiscal deficit turned from 11 percent of GDP in 2009 into a 1 percent surplus in 2019.\n- Public debt fell from 142 percent of GDP in 2009 to 94 percent by 2019.\n- The government’s interest bill fell from 17 percent of GDP in 2009 to 6 percent in 2019.\n- Stabilization yielded a sharp decline in interest rates."
    },
    {
      "heading": "Pandemic-era fiscal adjustments",
      "content": "- The government temporarily reduced the fiscal balance target to increase spending on health and social protection.\n- The government reduced the VAT rate."
    },
    {
      "heading": "Medium-term fiscal objective and intended outcomes",
      "content": "- Government aims to reduce public debt to 60 percent of GDP by 2028.\n- Expected effects of achieving the 60 percent target:\n  - Further reduction in interest payments.\n  - Create scope to boost spending on education, infrastructure, and poverty reduction.\n  - Improve the country’s resilience to natural disasters."
    },
    {
      "heading": "Key dates and metadata from the page",
      "content": "- Publication date: February 22, 2022.\n\nJamaica Works to Maintain its Hard-Won Economic Stability — February 22, 2022.\n\n---\n\n\n References\n\n- https://www.imf.org/en/News/country-focus\n- PRESS CENTER\n- Read the Article IV Consultation Staff Report\n- The IMF and Jamaica\n- How the Caribbean Can Avoid Becoming a COVID-19 Long-Hauler\n- Tourism in a Post-Pandemic World\n- stabilized the economy\n- increase spending on health and social protection\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2022/02/18/cf-jamaica-works-to-maintain-its-hard-won-economic-stability"
    }
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    "Published: February 22, 2022",
    "Fiscal deficit turned from 11 percent of GDP in 2009 into a 1 percent surplus in 2019.",
    "Public debt fell from 142 percent of GDP in 2009 to 94 percent by 2019.",
    "The government’s interest bill fell from 17 percent of GDP in 2009 to 6 percent in 2019.",
    "Stabilization yielded a sharp decline in interest rates.",
    "The government temporarily reduced the fiscal balance target to increase spending on health and social protection.",
    "The government reduced the VAT rate.",
    "Government aims to reduce public debt to 60 percent of GDP by 2028.",
    "Expected effects of achieving the 60 percent target:",
    "Publication date: February 22, 2022.",
    "[https://www.imf.org/en/News/country-focus](https://www.imf.org/en/News/country-focus)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[Read the Article IV Consultation Staff Report](https://www.imf.org/en/Publications/CR/Issues/2022/02/14/Jamaica-2021-Article-IV-Consultation-Press-Release-Staff-Report-Staff-Statement-and-513147)",
    "[The IMF and Jamaica](https://www.imf.org/en/Countries/JAM)",
    "[How the Caribbean Can Avoid Becoming a COVID-19 Long-Hauler](https://www.imf.org/en/News/Articles/2021/03/11/na031221-how-the-caribbean-can-avoid-becoming-a-covid-19-long-hauler)",
    "[Tourism in a Post-Pandemic World](https://www.imf.org/en/News/Articles/2021/02/24/na022521-how-to-save-travel-and-tourism-in-a-post-pandemic-world)",
    "[stabilized the economy](https://www.imf.org/external/pubs/ft/fandd/2020/09/interview-with-brian-wynter-former-jamaica-central-bank-governor.htm)",
    "[increase spending on health and social protection](https://www.imf.org/en/News/Articles/2020/05/27/na052720-jamaica-ramps-up-social-and-economic-support-in-covid-19-response)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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