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Monitoring mechanism needed for IMF standby agreement – Phillips

Published:Tuesday | November 15, 2016 | 11:54 PM
Dr Peter Phillips says while he understands that the Economic Growth Council could monitor some aspects of the standby agreement, this is not enough.

Opposition spokesman on finance, Dr Peter Phillips, says there is need for an independent body to monitor the government’s performance under the new agreement with the International Monetary Fund (IMF).

On Friday the board of the IMF, approved a three-year standby agreement (SBA) for Jamaica following the successful completion of the four-year extended fund facility.

The precautionary SBA arrangement will give Jamaica access to about US$1.64 billion.

However, while the previous agreement was monitored by the Economic Programme Oversight Committee (EPOC), the Government has not announced a monitoring mechanism for the SBA.

Phillips is of the opinion that one is needed.

 

Phillips says while he understands that the Economic Growth Council (EGC) could monitor some aspects of the SBA, this is not enough.

He says this is because the EGC is not seen as being as independent as EPOC, which had wide stakeholder representation.

 

Opposition spokesman on finance, Dr. Peter Phillips