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IMF review team now in Jamaica

Published:Monday | May 4, 2015 | 5:45 PM

A mission from the International Monetary Fund (IMF) is currently in Jamaica conducting the eighth review of Jamaica’s performance under the Extended Fund Facility.

The IMF Staff Review will include meetings with Finance and Planning Minister, Dr Peter Phillips; the Financial Secretary, Devon Rowe; and the Governor of the Bank of Jamaica, Brian Wynter.

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

The eighth review, from May 4 to 12, comes against the background of an improving macroeconomic environment.

Inflation has fallen faster than projected and at end the fiscal year 2014-2015 stood at about 4.0 percent, the lowest in 48 years.

Meanwhile, the Balance of Payments position continues to improve, and as at 17 April, the stock of gross reserves represented 20.4 weeks of projected imports of goods and services.

The Net International Reserve was approximately US$2.4 billion.

The Ministry of Finance and Planning says it will provide an update to the country at the conclusion of the review.