Co-chair of the Economic Programme Oversight Committee, EPOC, Richard Byles, says Jamaica has surpassed all the quantitative targets for the June quarter, under the current IMF agreement.
He says he’s optimistic the country will get a favorable review from the IMF team now in Jamaica.
Mr. Byles made the disclosure while addressing the monthly EPOC press briefing in New Kingston this morning.
The EPOC Co-Chair says the April to June quarter of the IMF programme was a good one for the country.
He says the target for the Primary Balance, Tax Revenues and Net International Reserves, NIR, were all surpassed as at the end of June.
Mr. Byles says the further increase in the NIR to over 2-billion US dollars at the end of July, has boosted the country’s ability to weather economic shocks.
Mr. Byles says tax revenues surpassed the IMF target of 80-billion dollars by over 1-billion dollars.
However, he says while PAYE taxes recorded improvement, other taxes under-performed.
Mr. Byles says the committee expects a positive review by the IMF team that’s currently in the island.
He says that team is also carrying out a forward assessment of whether the country’s economic conditions will allow for the meeting of future IMF targets.
Meanwhile, Mr. Byles today warned that the severe drought being experienced across sections of the country could cause a spike in inflation.
Richard Byles, Co-Chair of EPOC, speaking in New Kingston this morning.
