IMF hails Ja­maica's re­forms pro­gramme

The Pak Banker - - COMPANIES/BOSS -

An IMF staff team led by Mr. Nigel Chalk, Deputy Di­rec­tor of the Western Hemi­sphere Depart­ment, and Ms. Uma Ramakrishnan, Mis­sion Chief for Ja­maica, is in Kingston to­day for a brief post-elec­tion staff visit. Af­ter meet­ing The Most Honourable Prime Min­is­ter An­drew Hol­ness and his eco­nomic team, the team said, IMF looks for­ward to con­tin­u­ing to sup­port Ja­maica un­der its new lead­er­ship.

To­day's meet­ing with Prime Min­is­ter Hol­ness and his eco­nomic team pro­vided a good op­por­tu­nity to ex­change views on the eco­nomic chal­lenges and op­por­tu­nies that Ja­maica faces at this junc­ture, and on the pol­icy pro­pos­als that have been put for­ward by the JLP in its elec­tion man­i­festo.

We are ap­pre­cia­tive of the JLP's in­ten­tion to con­tinue to im­ple­ment Ja­maica's eco­nomic re­form pro­gram sup­ported by a four-year IMF Ex­tended Fund Fa­cil­ity (EFF), which was ap­proved by the IMF Ex­ec­u­tive Board in May 2013. The re­form pro­gram has thus far been suc­cess­ful in restor­ing macroe­co­nomic sta­bil­ity and re­duc­ing pub­lic debt.

We have agreed to con­tinue a close and open di­a­logue with the Ja­maican au­thor­i­ties on de­sign­ing the poli­cies needed to re­move ob­sta­cles to strong and sus­tained growth, fo­cus­ing on job cre­ation, tack­ling poverty, re­duc­ing the pub­lic debt, and ad­vanc­ing pub­lic sec­tor ef­fi­ciency.

There was also agree­ment on the im­por­tance of achiev­ing the fis­cal tar­gets in the cur­rent pro­gram. In that con­text, fis­cal mea­sures should be de­signed to be con­sis­tent with a pri­mary sur­plus tar­get of 7 per­cent of GDP in 2016/17 and tax pol­icy re­forms should con­tinue to con­trib­ute to a fair, eq­ui­table, and ef­fi­cient tax sys­tem.

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