The Government of Jamaica (GOJ), shortly after signing the Precautionary Standby Arrangement (PSBA) with the International Monetary Fund, announced that there would be a tripartite monitoring mechanism will oversee the agreement.
The three oversight bodies that monitor the structural benchmarks and other commitments under the PSBA are the Public Sector Transformation Oversight Committee (PSTOC), Economic Growth Council (EGC) and Economic Programme Oversight Committee (EPOC).
The EGC and PSTOC were created in 2016 to join the three-year-old
EPOC in monitoring and reporting on macroeconomic imperatives, Jamaica’s economic and financial policies and strategies.
PSTOC monitors implementation of the public sector transformation, public bodies, public service reform and the social safety net.
The EGC tracks measures specific to growth policies, which include some of the EGC’s recommendations that have been accepted, as set out in the Memorandum of Economic and Financial Policies (MEFP) as agreed with the IMF, as well as the monitoring of growth outcomes.
EPOC monitors implementation of the fiscal, monetary and quantitative performance targets as set out under the MEFP. The measures that EPOC monitors are related to tax policy, tax administration, customs administration, public financial management and debt management.
The three bodies report their findings on the macroeconomic performance of Jamaica’s economy through press briefings, social media and advertisements.