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Jamaica records shortfall in primary surplus target

Published:Tuesday | March 15, 2016 | 3:42 PM
Byles ... the primary surplus target is forecast to be corrected when data for February becomes available from the Ministry of Finance.

The Economic Programme Oversight Committee (EPOC) is reporting that Jamaica recorded a $1.6 billion shortfall in its primary surplus target.

The primary surplus is the difference between tax revenues and expenditure, excluding debt payments.

EPOC Co-Chairman Richard Byles told a press conference today that Jamaica achieved a surplus of $69.4 billion for the 10 months ending January 2016.

The target was $71 billion.

But Byles said the primary surplus target is forecast to be corrected when data for February becomes available from the Ministry of Finance.

He said the ministry has already indicated that Jamaica pulled back on spending last month. 

 

EPOC Co-Chairman, Richard Byles

Byles also said the country has performed well in other areas.

The EPOC chairman pointed out that at the end of February, the Net International Reserves stood at US$2.23 billion well in excess of the target of $1.61 billion for the end of March.

He also said tax revenues were $3.8 billion or 1.2 per cent above the $319.6 billion budgeted.