An IMF team is currently in the island to conduct the eighth review of Jamaica’s performance under the four year Extended Fund Facility, EFF.

The team began its work today and is expected to conclude its review by next Tuesday.

Jamaica has received a favourable review from the IMF mission on all seven of its previous visits, since implementation of the programme began in 2013.

The IMF review team will hold meetings with Finance Minister, Dr. Peter Phillips, the Financial Secretary, Devon Rowe and the Governor of the Bank of Jamaica, Brian Wynter.

The team will also have consultations with government officials, technical staff and key stakeholders, including from the private sector.

A statement from the Finance Ministry says this latest review comes against the background of an improving macro-economic environment.

It says inflation is at a 40 year low, the Net International Reserve is over 2-billion US dollars and that the country’s balance of payments position continues to improve.

It says the implementation of the overall economic reform programme remains strong.

The ministry says tax revenues continue to grow at a lower than projected rate.

Its says this is due to factors such as the impact of significantly better than expected inflation, lower than projected real GDP growth as well as the impact of the first full fiscal year of the new Fiscal Incentive regime.

The ministry says these issues will be discussed with the IMF mission as a part of the latest programme review.

The ministry says it will update the country at the end of the review next week.