Management of Ja’s financing improving, says economic oversight body
The Economic Programme Oversight Committee (EPOC) is reporting that Jamaica has met all the key quantitative targets under its programme with the International Monetary Fund (IMF) for the quarter ending in September.
The primary balance of $43 billion exceeded the programme target of $38.2 billion, while the Net International Reserves of US$912.3 million exceeded the budgeted amount by US$151.1 million.
According to the latest communiqué issued by the private sector members of the EPOC, central government recorded a fiscal deficit of $6.6 billion, $10.4 billion better than budgeted.
It says that compared to April to September 2012, revenues and grants were $27.2 billion higher and recurrent expenditure $4.8 billion lower.
Co-chairman of EPOC Richard Byles told a press briefing in New Kingston yesterday that those figures show that the management of the finances of the country is improving.
The oversight committee also reported that progress has been made in addressing the negative impact of the tight Jamaican dollar liquidity in the financial sector, which it had identified in October as a primary challenge to the IMF programme.
It said based on the data about the performance of the government for the first two quarters of the current fiscal year, it is cautiously optimistic about the future.
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