Jamaica On Course to Hit December IMF Targets

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Jamaica remains on track to reach its December quantitative and indicative targets under the Precautionary Standby Arrangement, PSBA, with the International Monetary Fund, IMF.

That’s according to a statement this morning from the Economic Programme Oversight Committee, EPOC.

EPOC met last week to review the latest available data on Jamaica’s economic performance.

EPOC says fiscal year-to-date tax revenues at the end of October 2017 were at approximately $272-billion which exceeded the budgeted target of just over $260-billion.

It says the Ministry of Finance, notes, however, that for the month of October 2017, Revenues and Grants were behind budget by almost $3-billion.

EPOC says this significant shortfall relates to expected flows programmed in the budget that were to come in from the three public entities which were incorporated into the budget.

It says these flows are expected to come into the Consolidated Fund at a later date.

The oversight body says expenditure for the first seven months of the fiscal year was just over $7-billion below the GOJ budget.

This, coupled with over performance of Revenue and Grants, has resulted in a Primary Balance of just under $66-billion exceeding the budget target of just under $49-billion for the April to October period.

EPOC also notes that Non-Borrowed International Reserves at the end of October was approximately $2.4-billion against the programme target of just under 1.78-billion for the end of December 2017.

EPOC says The Bank of Jamaica anticipates this positive performance will continue for the remainder of the year.

The Oversight body also says inflation is stable and within the targeted range, interest rates are trending downwards and tax revenues continue to be buoyant.

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