## Jamaica: Fifth Review Under the Extended Fund Facility and Request for Modification of Performance Criteria

_IMF Staff Country Reports, September 25, 2014_

## Source details

**Canonical URL:** [Jamaica: Fifth Review Under the Extended Fund Facility and Request for Modification of Performance Criteria](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)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/jamaica-fifth-review-under-the-extended-fund-facility-and-request-for-modification-of-42368/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/jamaica-fifth-review-under-the-extended-fund-facility-and-request-for-modification-of-42368/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/jamaica-fifth-review-under-the-extended-fund-facility-and-request-for-modification-of-42368/bundle-manifest.json)

## Bibliographic details
- Published: September 25, 2014
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484316160.002

---

### 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 615.38 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.

### Focus of the Review
- Discussions centered on preparations for the 2015/16 budget and financial sector reforms.
- The program has been updated to support ambitious fiscal goals by:
  - Strengthening tax administration.
  - Enhancing public financial management.
  - Containing the civil service wage bill.
- Further steps articulated to move ahead with reform of the securities dealers sector and to strengthen the financial system more broadly.

### Program Status and Performance
- Progress in implementing the authorities’ program is steadily advancing with every successful review.
- Key achievements noted:
  - Completion of reviews on schedule.
  - Meeting all end- June 2014 quantitative performance criteria.
  - Meeting end- June structural benchmarks.
- Staff recommendation: completion of the fifth review under the extended arrangement given strong performance and updated commitments.

### Risks and Challenges
- Risks to the program remain relatively high:
  - A delayed growth recovery could undermine social support for reform efforts.
  - Financial sector vulnerabilities could become more pressing.
  - Risks to external financing (including from PetroCaribe) could crystallize.
  - Keeping the budget on track is challenged by risks to revenues and the wage bill.

### Key Statistics and Identifiers
- 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

*International Monetary Fund. "Jamaica: Fifth Review Under the Extended Fund Facility and Request for Modification of Performance Criteria", September 25, 2014.*

---

## Content in this bundle

- **_cr14295**
  - [_cr14295 (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2014/_cr14295.pdf.md){rel="alternate" type="text/markdown"}
  - [_cr14295 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2014/_cr14295.pdf){rel="external" type="application/pdf"}

---

_Source: 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_