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EPOC to have first meeting under new IMF agreement

Published:Friday | December 9, 2016 | 12:16 AM
Chief Executive Officer of the Jamaica Money Market Brokers, Keith Duncan will preside over the first meeting as co-chair.

The Economic Programme Oversight Committee (EPOC) is to have its first meeting today under the new three-year standby loan agreement with the International Monetary Fund (IMF).

EPOC was set up to monitor the 2013 extended fund facility which was replaced last month by the three-year deal.

Chief Executive Officer of the Jamaica Money Market Brokers, Keith Duncan will preside over the first meeting as co-chair after replacing Richard Byles.

The other co-chair is Bank of Jamaica Governor, Brian Wynter.

EPOC comprises 11 representatives from the private and public sectors, civil society, and trade unions.

It's role is to monitor the implementation of the fiscal, monetary and quantitative performance targets as set out in the IMF programme.

At a press conference last month, Prime Minister Andrew Holness noted that the new IMF deal takes in more than the financial targets that dominated the previous deal, and so he also announced the Public Sector Transformation Oversight Committee that will monitor the implementation of the public sector transformation, public service reform and social protection targets. 

Meanwhile, the Economic Growth Council is to monitor the implementation of the growth policies.