Jamaica has met all and in some instances exceeded quantitative targets for the 14th review of the country’s economic performance under the IMF’s Extended Fund Facility, EFF.
That’s according to Economic Programme Oversight Committee, EPOC, Co-Chairman, Richard Byles. He was speaking today at what’s likely to be the Committee’s last media briefing .
This as the IMF Executive Board is now considering a new Precautionary Stand By Arrangement for Jamaica.
According to Mr. Byles, both the Net International Reserves, NIR, and the Primary Balance are well ahead of target for the quarter ending in September.
However Mr. Byles says he’s not convinced the usual quarterly review of the country’s performance by the IMF will be done.
This as the IMF board is scheduled to consider for approval a new Precautionary Standby Arrangement for Jamaica.
If the Standby Agreement is approved Jamaica would have access to USD$1.7-billion in the event of external shocks such as natural disasters or a spike in oil prices.
This new Agreement will immediately replace the current Extended Fund Facility.
Mr. Byles says this development also means that EPOC’s mandate has come to an end.
Mr. Byles says while the government has committed itself to further fiscal monitoring he has no idea what form it will take or if he’ll be involved.