{
  "title": "Jamaica: Fifth Review Under the Extended Fund Facility and Request for Modification of Performance Criteria",
  "publication": "IMF Staff Country Reports, September 25, 2014",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/jamaica-fifth-review-under-the-extended-fund-facility-and-request-for-modification-of-42368",
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  "summary": "EXECUTIVE SUMMARY Recent data show a gradual economic recovery, with growth projected to reach just over 1 percent in 2014/15. Inflation has trended down to about 8 percent. The program is on track. Jamaica’s four-year, SDR 615.",
  "sections": [
    {
      "heading": "Executive Summary",
      "content": "- Recent data show a gradual economic recovery, with growth projected to reach just over 1 percent in 2014/15.\n- Inflation has trended down to about 8 percent.\n- The program is on track.\n- Jamaica’s four-year, SDR 615.38 million (225 percent of quota) Extended Arrangement under the EFF was approved by the IMF Executive Board on May 1, 2013.\n- The first four reviews under the program were completed on schedule.\n- All end- June 2014 quantitative performance criteria were met.\n- The structural benchmarks for end- June were also met.\n- Based on strong performance to date and the authorities’ updated policy intentions and commitments, staff recommends completion of the fifth review under the extended arrangement."
    },
    {
      "heading": "Focus of the Review",
      "content": "- Discussions centered on preparations for the 2015/16 budget and financial sector reforms.\n- The program has been updated to support ambitious fiscal goals by:\n  - Strengthening tax administration.\n  - Enhancing public financial management.\n  - Containing the civil service wage bill.\n- Further steps articulated to move ahead with reform of the securities dealers sector and to strengthen the financial system more broadly."
    },
    {
      "heading": "Program Status and Performance",
      "content": "- Progress in implementing the authorities’ program is steadily advancing with every successful review.\n- Key achievements noted:\n  - Completion of reviews on schedule.\n  - Meeting all end- June 2014 quantitative performance criteria.\n  - Meeting end- June structural benchmarks.\n- Staff recommendation: completion of the fifth review under the extended arrangement given strong performance and updated commitments."
    },
    {
      "heading": "Risks and Challenges",
      "content": "- Risks to the program remain relatively high:\n  - A delayed growth recovery could undermine social support for reform efforts.\n  - Financial sector vulnerabilities could become more pressing.\n  - Risks to external financing (including from PetroCaribe) could crystallize.\n  - Keeping the budget on track is challenged by risks to revenues and the wage bill."
    },
    {
      "heading": "Key Statistics and Identifiers",
      "content": "- Growth projection: just over 1 percent in 2014/15.\n- Inflation: about 8 percent.\n- Arrangement size: SDR 615.38 million (225 percent of quota).\n- Approval date of Extended Arrangement: May 1, 2013.\n- All end- June 2014 quantitative performance criteria: met.\n- Structural benchmarks for end- June: met.\n- Report date on page: September 25, 2014.\n- Pages: 66\n- Volume: 2014\n- Issue: 295\n- Series: Country Report No. 2014/295\n- DOI: https://doi.org/10.5089/9781484316160.002\n- ISBN: 9781484316160\n- ISSN: 1934-7685\n- Stock No: 1JAMEA2014003\n\nInternational Monetary Fund. \"Jamaica: Fifth Review Under the Extended Fund Facility and Request for Modification of Performance Criteria\", September 25, 2014.\n\n---\n\n Content in this bundle\n\n- cr14295\n  - cr14295 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr14295 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: September 25, 2014",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484316160.002",
    "Recent data show a gradual economic recovery, with growth projected to reach just over 1 percent in 2014/15.",
    "Inflation has trended down to about 8 percent.",
    "The program is on track.",
    "Jamaica’s four-year, SDR 615.38 million (225 percent of quota) Extended Arrangement under the EFF was approved by the IMF Executive Board on May 1, 2013.",
    "The first four reviews under the program were completed on schedule.",
    "All end- June 2014 quantitative performance criteria were met.",
    "The structural benchmarks for end- June were also met.",
    "Based on strong performance to date and the authorities’ updated policy intentions and commitments, staff recommends completion of the fifth review under the extended arrangement.",
    "Discussions centered on preparations for the 2015/16 budget and financial sector reforms.",
    "The program has been updated to support ambitious fiscal goals by:",
    "Further steps articulated to move ahead with reform of the securities dealers sector and to strengthen the financial system more broadly.",
    "Progress in implementing the authorities’ program is steadily advancing with every successful review.",
    "Key achievements noted:",
    "Staff recommendation: completion of the fifth review under the extended arrangement given strong performance and updated commitments.",
    "Risks to the program remain relatively high:",
    "Growth projection: just over 1 percent in 2014/15.",
    "Inflation: about 8 percent.",
    "Arrangement size: SDR 615.38 million (225 percent of quota).",
    "Approval date of Extended Arrangement: May 1, 2013.",
    "All end- June 2014 quantitative performance criteria: met.",
    "Structural benchmarks for end- June: met.",
    "Report date on page: September 25, 2014.",
    "Pages: 66",
    "Volume: 2014",
    "Issue: 295",
    "Series: Country Report No. 2014/295",
    "DOI: https://doi.org/10.5089/9781484316160.002",
    "ISBN: 9781484316160",
    "ISSN: 1934-7685",
    "Stock No: 1JAMEA2014003",
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