Jamaica: Second Review Under the Stand-By Arrangement and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Jamaica
IMF Staff Country Reports, November 2, 2017
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- Jamaica: Second Review Under the Stand-By Arrangement and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Jamaica
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Bibliographic details
- Authors: Arrangement, Request
- Published: November 2, 2017
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484325513.002
Executive summary and recommendation
- IMF staff recommends completion of the second review under the Stand-by Arrangement based on continued strong program implementation and reform commitments.
- Program implementation remains strong: all performance criteria (PCs) and structural benchmarks for the end of June were met.
- The landmark public pension reform bill was passed by Parliament.
Macroeconomic conditions and risks
- Jamaica’s economy is showing sustained signs of activity, but growth remains vulnerable to the weather.
- Inflation and the current account deficit are low, helped by relatively stable oil prices and the government’s policy efforts.
- The historically low yields in the recent global bond reopening reflect Jamaica’s hard-won credibility.
Policy and structural measures
- Continued policy efforts by the government have contributed to low inflation and a contained current account deficit.
- Passage of public pension reform is a key structural achievement supporting fiscal sustainability.
Content in this bundle
- Country Report