IMF con­di­tion­al­i­ties will be trans­ferred to SBA

Jamaica Gleaner - - BUSINESS - McPherse Thomp­son As­sis­tant Ed­i­tor - Busi­ness

SOME OF the con­di­tion­al­i­ties un­der the In­ter­na­tional Mon­e­tary Fund (IMF) Ex­tended Fund Fa­cil­ity (EFF) with Ja­maica will be trans­ferred to the standby agree­ment (SBA), the suc­ces­sor pro­gramme which the Gov­ern­ment has agreed with the United States-based or­gan­i­sa­tion.

Among those are the pri­mary sur­plus of seven per cent of gross do­mes­tic prod­uct (GDP), the debt-to GDP tar­gets of 96 per cent by the end of fis­cal year 2019-20 and 60 per cent or less by fis­cal year 2025-26, as well as the wage-to-GDP of nine per cent by 2018-19, ac­cord­ing to State Min­is­ter for Fi­nance and the Pub­lic Ser­vice, Fay­val Wil­liams.

She said Ja­maica is ex­pected to end fis­cal year 2016/17 with the wage-to-GDP ra­tio at about 9.6 per cent.

Re­fer­ring to the tar­gets and ob­jec­tives un­der the SBA, Wil­liams, who was as­signed re­spon­si­bil­ity for en­sur­ing the IMF pro­gramme re­mains on track, also said “we have to do that while we are trans­form­ing the pub­lic sec­tor to be more ef­fi­cient and de­liv­ery fo­cused”.

ON EDGE

Pub­lic-sec­tor work­ers have been on edge about job losses un­der the pub­lic-sec­tor trans­for­ma­tion pro­gramme, a sit­u­a­tion Prime Min­is­ter An­drew Hol­ness hinted at re­cently.

Ad­dress­ing a fo­rum at the Univer­sity of the West Indies last week on ex­pec­ta­tions of public­sec­tor work­ers after March 2017, the state min­is­ter cited ex­am­ples it­self out of some­where in the re­gion of $2.5 bil­lion in rev­enues.

Wil­liams said that al­though she did not know the num­bers, “I would wager a bet that at the RGD to­day there are more per­sons em­ployed than it did back in the 1970s,ecause it has ex­panded the range of ser­vices and op­por­tu­ni­ties.”

She added: “And that is the mes­sage that we would like for the pub­lic sec­tor to em­brace when we talk about mod­ern­iza­tion (and) in­creas­ing ef­fi­ciency.”

STRUC­TURAL BENCH­MARKS

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