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Jamaica submits second IMF letter of intent

Published:Tuesday | October 1, 2013 | 5:13 PM

The government has submitted a second letter of intent and a supplementary memorandum of economic and financial policies to the International Monetary Fund (IMF).



Finance Minister, Dr Peter Phillips, told parliament this afternoon that Jamaica remained fully committed to the targets set out in the April 2013 memorandum of economic and financial policies.



However, he said the new policy submitted to the IMF on September 13 outlines a strengthened framework.



According to Phillips, the foundation of the programme remains debt sustainability and improved competitiveness.



Phillips says the supplementary memo elaborates on the framework for the reform of the tax incentive regime the details of which will be tabled in the House by October 31.



Phillips also said the supplementary memorandum of economic and financial policy calls for the entrenchment of fiscal discipline beyond the programme period and securing a debt to GDP ratio of no more than 60 per cent by 2025/26.



Although acknowledging that there are risks to such an ambitious targets, Phillips reiterated the government's confidence that growth will return on a sustained basis.



The update on Jamaica's IMF programme comes a day after the Fund's executive board announced its approval of the first review, clearing the way for a US30.6 million disbursement.



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