The Economic Programme Oversight Committee, EPOC, says Jamaica outperformed its fiscal targets amidst aggressive policy moves by the Bank of Jamaica, BOJ.
The committee’s assessment follows its meeting earlier this month to review the latest results for the IMF 3-year precautionary standby arrangement for the period ending March 2019. In a statement yesterday, EPOC said Jamaica’s fiscal performance continued its positive trend for the period April to March 2019.
It also explained that fiscal and primary surpluses exceeded 2018/2019 targets.
EPOC says revenue and grants of just over $600- billion exceeded the budgeted amount by point 2%.
While tax collections fell below the third supplementary budget for the 2018/2019 financial year by $1.6-billion.
EPOC says tax revenues year over year increased by $46-billion going up by 9% for the period April 2017 through March 2018 for the comparable period in the 2018/2019 financial year.
It also cited an approximately 42% jump in capital expenditure year over year.
EPOC says capital expenditure year over year increased by just over $19-billion dollars from almost $47-billion for April 2017 through March 2018 to approximately $66-billion when compared to the corresponding period for the 2018/2019 fiscal year.
Additionally, it says the Jamaican Government continues to run fiscal surpluses with tax revenues and grants exceeding expenditure by approximately $24-billion for the April 2018 to March 2019 period, against the projected target of $9.6-billion.
The oversight body says as at May 10, 2019, Jamaica’s net international reserves, NIR, stood at just over US$3-billion.
All while noting the bold moves by the Central Bank to include reducing its interest rate to .75% percent in an effort to increase the rate of expansion of private sector credit among other measures.