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Annual Report
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Lignite in Jamaica
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Annual Report
Includes reports by Jamaica Bauxite Mining Limited ... [et al.].
Jamaica
This paper discusses Jamaica’s Thirteenth Review Under the Arrangement Under the Extended Fund Facility. Program implementation is on track. The authorities’ continued commitment to the demanding reform program even in the fourth year of the IMF-supported program is commendable. All quantitative performance criteria to be completed by the end of June 2016, as well as the continuous quantitative program targets and structural benchmarks, have been met. Domestic confidence indicators are at an all-time high, and there are signs of improving economic activity, including agricultural recovery, strong performance in tourism and manufacturing, and stronger private sector credit growth. Higher growth dividends, more job creation, and improved living standards will be essential to continued social support for the reform agenda.
Jamaica
Discussions centered on the preparations for the 2015/16 budget, and reforms to strengthen the financial sector and boost growth. The authorities have deepened their efforts in supporting their ambitious fiscal goals by strengthening public financial management and revenue administration, and they reiterated their resolve to continue containing the wage bill. Steps have also been identified to advance the reform of the securities dealers and to increase the resilience of the financial system.
Jamaica
This paper discusses Jamaica’s Seventh Review Under the Extended Fund Facility and Request for Modification of Performance Criteria. Risks to the program are slowly waning but remain high. Notwithstanding the authorities’ demonstrated resolve in implementing the program, more tangible signs of improvements in growth will be important to sustain the social consensus needed to continue on the reform trajectory. The program is on track. All December 2014 quantitative performance criteria were met and structural reforms have progressed broadly on schedule. Based on the continued strong performance and the authorities’ policy commitments, the IMF staff recommends completion of the seventh review.
