Jamaica’s macroeconomic stability and policy frameworks highlighted in IMF review

Jamaica's commitment to macroeconomic stability and strong policy frameworks were highlighted today as the Executive Board of the International Monetary Fund (IMF) concluded its first review under the country's Precautionary and Liquidity Line (PLL).

The PLL serves as insurance against shocks, with access at about US$611 million.

Jamaica continues to treat the PLL as precautionary.

The board also concluded the first review under the Resilience and Sustainability Facility (RSF) arrangement, making available about US$255 million.

It notes that the country's macroeconomic stability and strong policy frameworks have allowed the island to navigate a difficult global environment.

The board also highlighted that the country continues to make progress in enhancing fiscal, financial, anti-money laundering / countering financing of terrorism (AML/CFT) policy frameworks and data adequacy, and is implementing an ambitious climate policy agenda to support economic growth. 

In a statement, Deputy Managing Director and Acting Chair of the Board, Antoinette Monsio Sayeh, stated that entrenched macroeconomic stability and sound policy frameworks continue to support economic growth, allowing Jamaica to navigate a complex global environment.

“A large primary fiscal surplus continues to support a strong downward trajectory of public debt, the financial system remains well capitalised, liquid, and stable, and inflation is converging to the midpoint of the Bank of Jamaica's target band.”

Sayeh added: “Important progress has been made on the fiscal reform agenda, including the reform of the public wage structure to eliminate distortions in the salary scale and to retain skilled workers, and improvements in the fiscal policy framework.”

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