Jamaica: 2002 Article TV Consultation and a New Staff-Monitored Program-Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Jamaica
International Monetary Fund, Sep 11, 2002 - Business & Economics - 70 pages
This paper focuses on the 2002 Article IV Consultation and a New Staff-Monitored Program (SMP) for Jamaica. In June 2000, the Jamaican authorities undertook an SMP for FY2000/01–2001/02 designed to tackle the heavy public sector burden and restore economic growth. To build on the progress achieved so far, the government has requested a new SMP for FY2002/03. The objectives of the program are to consolidate gains in macroeconomic stabilization and adjustment achieved to date and to lay the foundations for sustainable, strong economic growth that would further reduce poverty.
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IMF Concludes 2002 Article IV Consultation with Jamaica
Statement by Ian E Bennett Executive Director for Jamaica
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130 percent 5.7 percent achieved agricultural Article IV consultation assets Bank of Jamaica banking system bauxite BoJ losses Canadian dollar Caribbean Development Bank competitiveness debt to GDP decline deferred financing scheme Development Bank economic growth end-March exchange rate policy expenditures faster growth financial sector FINSAC fiscal deficit fiscal slippages floods foreign exchange foreign exchange market Fund further GDP ratio higher impact implementation improve increase infrastructure Inter-American Development Bank International Monetary Fund international reserves Jamaican dollar Jamaican economy loan maintaining macroeconomic stability medium term million monetary policy monitoring multiple currency practice national accounts percent of GDP percentage points plans points of GDP pound sterling primary surplus private sector projected public sector debt recent reduction regulatory revenue scenario selected public enterprises September 11 shocks significant significantly single digit inflation SMP targets social safety staff encouraged Staff-Monitored Program statistics strengthening structural reforms surrender requirement tourism U.S. dollar World Bank