Mon | Oct 23, 2017

Jamaica on track to pass IMF tests - EPOC

Published:Tuesday | May 17, 2016 | 6:28 PM
EPOC co-chairman, Richard Byles says Jamaica has comfortably met the IMF targets for the Net International Reserves and the primary balance.

The Economic Programme Oversight Committee (EPOC) says Jamaica is likely to pass the two performance assessments being conducted by the review team from the International Monetary Fund (IMF) under the extended fund agreement.

EPOC co-chairman, Richard Byles says Jamaica has comfortably met the IMF targets for the Net International Reserves (NIR) and the primary balance.

According to Byles, at the end of March, the NIR was US$2.426 million, which is much higher than the target of US$1.544 million.

He says for the same period there was a primary balance of $120.8 billion, exceeding the target of $120.7 billion.

The EPOC co-chairman says the attainment of these two critical quantitative targets have put Jamaica in a position to pass the two latest IMF tests.

Meanwhile, Byles says the government’s income tax plan will create a fiscal gap of $25 billion in financial year 2017/18.