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Country Report Jamaica Product Image

Country Report Jamaica

  • ID: 2105438
  • October 2014
  • Region: Jamaica
  • 24 Pages
  • The Economist Intelligence Unit

Jamaica has met the key benchmark targets set out under its International Monetary Fund (IMF) loan agreement, as noted in the Fund's fifth performance review of the programme. Risks have lessened due to the successful sale of a US$800m global bond in July, the proceeds from which will help the government to meet budgetary cash-flow needs this fiscal year and cover repayment of debt that matures within the next 12 months. However, the IMF notes that risks remain high, as budget execution is threatened by possible revenue shortfalls; an inability of the government to continue reducing the wage bill; the deteriorating performance of public bodies; and the potential disruption of external financing, notably from the PetroCaribe arrangement with Venezuela. Moreover, investor confidence remains low, and businesses and consumers could become further fatigued if reforms do not result in more rapid job creation and income growth.

Adjustments made to Jamaica's programme under its IMF extended fund facility (EFF) following the fifth review left targets broadly unchanged, except for the projected primary fiscal surplus, which was revised downwards by J$10bn (around US$89m, or 0.7% of GDP) READ MORE >

Country Report Jamaica

Government meets IMF targets but risks stay high
New wage agreement is pending
Benchmarks to improve public financial and tax administration
More investment- and growth-enhancing reforms needed

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