Jamaica : fifth review under the extended Fund facility and request for modification of performance criteria ; staff report ; press release.

Jamaica : fifth review under the extended Fund facility and request for modification of performance criteria ; staff report ; press release.

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Bibliographic Details
Imprint:Washington, D.C. : International Monetary Fund, 2014.
©2014
Description:1 online resource (66 pages) : color illustrations.
Language:English
Series:IMF Country Reports ; no. 14/295
IMF country report ; no. 14/295.
Subject:
International Monetary Fund -- Jamaica.
International Monetary Fund.
Economic development -- Jamaica.
Economic indicators -- Jamaica.
Financial risk management -- Jamaica.
Economic development.
Economic history.
Economic indicators.
Economic policy.
Financial risk management.
Jamaica -- Economic conditions.
Jamaica -- Economic policy.
Jamaica.
Electronic books.
Format: E-Resource Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/12503371
Hidden Bibliographic Details
Varying Form of Title:Jamaica, fifth review under the extended Fund facility
Other authors / contributors:International Monetary Fund, issuing body.
ISBN:1484316169
9781484316160
9781484316160
Notes:"September 10, 2014"--Page 2 of pdf.
"September 2014."
Includes bibliographical references.
Online resource; title from pdf title page (IMF Web site, viewed September 29, 2014).
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 615.38 million (225 percent of quota) Extended Arrangement under the EFF was approved by the IMF Executive Board on May 1, 2013, and 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 the 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 the preparations for the 2015/16 budget and financial sector reforms. The program has been updated, with steps to support the ambitious fiscal goals by strengthening tax administration, enhancing public financial management, and containing the civil service wage bill. Further steps have been articulated to move ahead the 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, but risks to the program remain relatively high. A delayed growth recovery could undermine social support for the reform efforts, financial sector vulnerabilities could become more pressing, or risks to external financing (including from PetroCaribe) could crystallize. A further challenge will be to keep the budget on track in the face of risks to revenues and the wage bill.
Standard no.:10.5089/9781484316160.002
Table of Contents:
  • Cover; CONTENTS; FRAGILE GROWTH AND REDUCED NEAR-TERM FINANCING RISKS; BOXES; 1. The July 2014 External Bond; STRONG POLICY IMPLEMENTATION; DEEPENING THE REFORM AGENDA; A. Preparing for the 2015/16 Budget; 2. Clarendon Alumina Production (CPA); B. Reforming the Framework for Monetary Policy; C. Building Resilience in the Financial System; 3. Securities Dealers Reforms Under the Program; D. Supporting Economic Growth and Social Protection; PROGRAM ISSUES; STAFF APPRAISAL; FIGURES; 1. Recent Economic Developments; 2. Fiscal Developments; 3. Financial Sector Developments; 4. Public Debt; TABLES.
  • 1. Selected Economic Indicators2. Summary of Central Government Operations (In millions of Jamaican dollars); 3. Summary of Central Government Operations (In percent of GDP); 4. Operations of the Public Entities; 5. Summary Balance of Payments; 6. Summary Accounts of the Bank of Jamaica; 7. Summary Monetary Survey; 8. Structural Program Conditionality; 9. Quantitative Performance Criteria; 10. Indicators of Fund Credit, 2014-25; 11. Schedule of Reviews and Purchases; APPENDIX; I. Letter of Intent; Attachment I. Memorandum of Economic and Financial Policies.

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