KINGSTON, Jamaica--Economic Programme Oversight Committee (EPOC) Co-Chairman Richard Byles says Jamaica has surpassed the quantitative targets for the July to September quarter under the four-year Extended Fund Facility (EFF) with the International Monetary Fund (IMF).
As such, he said the country is expected pass the 10th quarterly review with the IMF team, currently underway.
Byles said the targets for the primary fiscal balance and net international reserves (NIR) were exceeded as at the end of September.
The Government recorded a primary fiscal balance of J $50.8 billion (US $425 million), which was J $10.8 billion (US $90 million) more than budgeted, while the NIR stood at J $2.44 billion (US $20 million), which was J $1 billion (US $8.4 million) above target.
Byles said the figures are “very safe margins” in these “critical quantitative targets.”
“So it seems to us [EPOC – Ed.] that … Jamaica will meet the most important IMF targets for the 10th quarterly review. The IMF team is in Jamaica now, and they will be conducting that review over the next [few days – Ed.] or so. But it looks to me as if we will pass, because those quantitative performance criteria have been met quite handsomely,” he said. ~ Caribbean360 ~
