Sun | Oct 22, 2017

Shaw confident Jamaica will pass latest IMF tests

Published:Thursday | May 12, 2016 | 4:30 PM
According, Shaw, all quantitative targets and key structural benchmarks for the December 2015 and March 2016 quarters have been met.

The finance minister has expressed confidence that Jamaica will pass the 10th and 11th economic performance tests under the IMF programme.

An IMF team is now in the island conducting the reviews.

According, Shaw, all quantitative targets and key structural benchmarks for the December 2015 and March 2016 quarters have been met.

He said inflation for 2015/16 financial year declined to a recent historic low of three per cent noting that this is well below the targeted range of 5.5 per cent to 7.5 percent

He added that the rate is also less that the four percent recorded in the previous financial year.

Meanwhile, the finance minister said at the end of March the Net International Reserves was US$2.4 billion compared with $2 billion at end of March 2015.

Shaw noted that this was above the target set under the IMF programme.

He pointed out that the gross foreign reserves at the end of March amounted to US$2.9 billion.