Jamaica: 2005 Article IV Consultation: Staff Report; Staff Supplement; and Public Information Notice on the Executive Board Discussion
International Monetary Fund, May 1, 2006 - Business & Economics - 58 pages
This 2005 Article IV Consultation highlights that the economic activity in Jamaica has been adversely affected by shocks. Real GDP contracted sharply in late 2004 following the devastating effects of Hurricane Ivan. Thereafter, while output recovered, it was dampened by the poor performance of agriculture, which suffered from adverse weather conditions. The nominal exchange rate has depreciated in recent months. Fiscal targets have been missed, and the monetary policy has been geared at containing inflation while also seeking to engender a sustainable reduction in interest rates.
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amaica’s Article IV consultation Bank of Jamaica Banking supervision billions of Jamaican Budgetary Canadian dollar capital central government claims on public commercial banks concessional currency debt debt in percent debt-to-GDP ratio deﬁcit domestic assets Domestic currency estimates and projections expenditure external debt Financial sector ﬁnancing fiscal ﬁscal policy ﬂexibility Foreign currency FSAP Fund staff estimates GDP deﬂator GNFS govemment Government debt Government guaranteed debt IMF Country Report increase inﬂation inﬂows intemational reserves International Monetary Fund investment Jamaican authorities Jamaican dollars key variables Liabilities long-term Memorandum items mission noted nominal interest rate Off-budget Ofwhich Open market operations Overall percent of GDP percent of total PetroCaribe previous period debt primary balance Proj projections for FY Public debt real depreciation real GDP growth real interest rate reﬂect reform regulatory remain revenue Scenario SDR Million securities dealers shock in percent ST debt standard deviation shocks strengthen U.S. dollar