Jamaica: Eighth Review Under the Arrangement Under the Extended Fund Facility and Request for Waiver for the Nonobservance of Performance Criterion and Modification of Performance Criteria
IMF Staff Country Reports, June 16, 2015
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- Jamaica: Eighth Review Under the Arrangement Under the Extended Fund Facility and Request for Waiver for the Nonobservance of Performance Criterion and Modification of Performance Criteria
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Bibliographic details
- Published: June 16, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513532370.002
Executive summary
- This paper discusses Jamaica’s Eighth Review Under the Arrangement Under the Extended Fund Facility (ECF) and Request for Waiver for the Nonobservance of Performance Criterion (PCs) and Modification of PCs.
- Jamaica’s economic performance under the authorities’ economic program is on track and has remained strong.
- IMF staff supports the authorities’ request for completion of the eighth review of the arrangement under the ECF.
Performance on quantitative performance criteria (PCs)
- All PCs for end-March 2015 were met, with the exception of the central government primary balance criterion, which was narrowly missed.
- The nonobservance prompted a request for waiver for that PC and modification of PCs.
Structural reforms and program implementation
- Structural reforms have advanced broadly in line with the program.
- The paper evaluates progress across fiscal, monetary, and structural policy areas as part of the ECF arrangement.
Policy conclusions and IMF staff view
- IMF staff supports completion of the eighth review of the arrangement under the ECF.
- The review includes consideration of the waiver for the narrowly missed central government primary balance PC and proposed modifications of PCs.
Subject areas and keywords
- Subject: Bank credit, Credit, Economic sectors, Money, Public debt, Public sector, Revenue administration
- Keywords: accommodative monetary policy stance, Bank credit, CR, Credit, disbursement of SDR, exchange rate, fiscal year, Global, IMF's Executive Board, inflation trend, ISCR, oil import cost, Public sector