News and Updates | Economic Programme Oversight Committee (EPOC)

May 2017: Update on 3-year IMF Precautionary Stand-by Arrangement (PSBA)

The new Precautionary Stand-By Arrangement (PSBA) with the Government of Jamaica (GOJ) was approved by the Executive Board of the International Monetary Fund (IMF) on November 11, 2016.
The EPOC met on May 16, 2017, and reviewed the latest available results. Jamaica has met all structural benchmarks under the programme through end-April 2017. All of these measures have been met at end-March 2017.

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Oversight Committee To Review Government’s Success In Meeting First-Quarter Benchmarks

Co-chairman of Public Sector Transformation Oversight Committee, Danny Roberts
The Public Sector Transformation Oversight Committee (PSTOC) will be having its second meeting on Wednesday, to review the Government’s success in meeting the relevant first-quarter benchmarks and activities under the precautionary standby arrangement with the International Monetary Fund (IMF).
The standby arrangement which came into effect November 2016 has 22 activities, including six benchmark requirements which PSTOC is expected to monitor and report on.
The first-quarter benchmarks included the compensation review of salaries and allowances, recruitment rules and an employee verification exercise which were to be completed by March and the Public Sector Negotiating Framework which was to be submitted to the Cabinet by the end of April, as part of the public sector transformation and public service reform process.
PSTCO is also expected to review the activities under social protection to include an assessment and benefits review for PATH, and increasing the funding under the School Feeding Programme for the 2017/18 financial year, which were to be completed by the end of March.
Additional activities are to submit to Cabinet a graduation strategy for PATH households to exit the programme, and a review of the impact of PATH benefits on improving school attendance, which are to be completed by the end of June, 2017.
Co-chairman of PSTOC, Danny Roberts said that in addition to reporting to the public on the successes of these structural benchmarks and other activities under the committee will also be examining the additional activities and structural benchmarks arising from the first IMF Review under the standby arrangement.
A total of nine structural benchmarks have been added under the public sector transformation, public bodies and public service reform areas.
The PSTOC, a broad-based committee comprising stakeholder representatives of the public and private sectors, trade unions and academia, was set up by Prime Minister Andrew Holness in November of last year to review the Government’s implementation of the public sector transformation-related activities and structural benchmarks and report to the public.
The committee’s first report on January 18 outlined the focus of its work to strategically link public sector transformation to the overall macroeconomic strategy for growth and development.
[Source: The Jamaica Gleaner]

EPOC goes “On The Corner”

As their public education rollout continues, the Economic Programme Oversight Committee (EPOC) recently visited the Maryland community in St. Andrew to kick off the “On The Corner” series.
The series is a collaborative effort with The Gleaner whereby the Committee will visit various communities across Jamaica as they seek to spread information about the agreement with the International Monetary Fund.
EPOC was established in 2013 to monitor the implementation of Jamaica’s economic reform measures under its agreement with the IMF. The current committee monitors the targets agreed to be met under the Precautionary Standby Arrangement (PSBA).
The kick off of the “On The Corner” series follows on the launch of EPOC’s digital media platforms. The series is a part of an effort to increase public awareness about Jamaica’s economic performance based on the targets under the PSBA, through various media.
According to co-chair Keith Duncan who represents EPOC during these community visits, the series is geared towards taking the information about the economy to Jamaicans.
“We have chosen to meet these residents in their space because we are monitoring Jamaica’s plan because it is our plan for our economy and not the IMF’s. We want them to be informed about the economy’s progress,” said Duncan.
Residents of the Maryland community reacted positively to the visit of EPOC.
“I like that they came in the community and we were able to ask questions. It is a long time we really haven’t had anything like this in the community, and this gave us hope that something can really happen for us,” said mason Everton Knight.
Another resident, Joel Ferguson, said he believed the members of the community could now understand what is happening with the country’s economy.
“We hear these terms on the TV but it’s good to have it broken down for us so we can have a better grasp of these economic terms,” he added.
There will be visits to communities across the island, with another “On The Corner” slated for May.
A Statement to respond to
EPOC is an oversight body created to monitor the implementation of Jamaica’s economic reform measures under its agreement with the International Monetary Fund (IMF). Our committee of 12 focuses on holding the Government of Jamaica accountable to track the progress of the targets under the three-year Precautionary Stand-By Arrangement (PSBA).
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On The Corner > Fiscal What? GDP Who? – Maryland Residents Get Simple Language

Terms such as ‘primary surplus’ and ‘fiscal space’ were replaced with ‘spending more than you earn’ and ‘financial well-being of a government’ as Economic Programme Oversight Committee (EPOC) co-chairman Keith Duncan went On The Corner in the rural St Andrew community of Maryland last Thursday.
According to Duncan, EPOC will be going On The Corner in various communities to educate residents about the Government’s agreement with the International Monetary Fund (IMF) as part of an effort to ensure that the entire country is united around achieving the goals.
“We really want to get people understanding that there is a plan,” said Duncan.
“We really need to have the dialogue so people can know what is going on in their country – that there is a plan, there is a vision, that there is hope.
“We will try and really bruck it down so people can get an understanding of what we want to achieve as a country. And I think it is important that we have these kinds of sessions with people so they can ask the questions. We want to make it simple and relate it to people’s day-to-day life so that we can make a connection,” added Duncan.

Grateful For Opportunity
Maryland resident Everton Knight, who is trying to build his small mason business, was grateful for the opportunity to ask questions of Duncan on what there are opportunities, in the current IMF programme which will allow him to achieve his goal.
“It has helped me to better understand,” said Knight.
“I like that they came in the community and we were able to ask questions. It is a long time we really haven’t had anything like this in the community, and this gave us hope that something can really happen for us.
“One of the key things that they said was the importance of stabilising the dollar and how to help the farmers and business people to start from small businesses to larger businesses,” added Knight.
Joel Ferguson was delighted that the EPOC, which is responsible for monitoring the targets agreed with the IMF and advising the country about the developments, took time out to visit his community.
But Ferguson wanted even more as he questioned how the IMF deal would benefit the Maryland community.
“I wanted it to be a little more basic in terms of how it benefits rural-area people,” said Ferguson.
“Most people here don’t know what economic growth means or what it means for a community. If the economy grows, jobs will come, and a lot of things will change. But this was good, and I hope they will come back.”
[Source: The Gleaner]

On The Corner > IMF Deal Must Move Up All Jamaicans, Maryland Residents Tell EPOC

Residents of Maryland, a rustic community in east rural St Andrew, came with high anticipation last Thursday to hear co-chairman of the Economic Programme Oversight Committee (EPOC) Keith Duncan explain elements of the Government’s deal with the International Monetary Fund (IMF), but they didn’t just come to listen.
At a Gleaner On The Corner Forum in the community, residents wanted to know how the IMF deal would improve their lives, and they wanted the details without any of the economic terms usually used in discussing the IMF.
Duncan was up to the task as he explained the ABCs of the programme.

Joel Ferguson was first to bowl at the EPOC co-chairman as he wanted to know what would happen for the residents of Maryland and other grass-roots Jamaicans when the current programme comes to an end in three years.
“We want to have growth levels anywhere between three and five per cent. When we say the economy, we mean all the goods and services – manufacturing, distribution, bar, everything – all the services that make up the economy. We want to grow the economy so that you can get the jobs you need,” explained Duncan.
He noted that the more jobs that are created, the more revenue there would be for the Government from more taxes paid by goods and service providers, which would lead to the provision of better roads, better health facilities, and better infrastructure in communities such as Maryland.
Duncan pointed out that the IMF programme was not political as the current Jamaica Labour Party (JLP) administration and the former People’s National Party (PNP) government both agree on the need for better management of the economy.

Crime Affecting Growth
Everton Knight, one of the residents, expressed the view that crime was a major factor affecting economic growth not only in his community, but nationally.
He outlined some of the factors that he believed caused crime and the resultant downturn in economic activity.
Support for the position came from Cecil Robinson. “When free zone used to run, you see all the buses. Dem bend. Dem lean. A pure woman inna dat. You see dung a Waterhouse, dem man have dem M16 lean up inna de corner. Dem all right. No crime naah gwaan,” said Robinson.
He argued that by getting jobs for Jamaicans, crime would be reduced.
Fellow resident Christine Rookwood-Pinto nodded in agreement as she declared: “I want to back him because lack of jobs for the young people is a major problem. Men have women and don’t have jobs to carry them out. The woman at home want money to look after the children, so it’s lack of jobs that lead to crime and violence in Jamaica on a whole,” she told the gathering.
That was a position accepted by Duncan, who noted that the IMF plan was all about growing the economy and creating jobs.
“The bottom line is that the economy must create jobs for people, educate people so they can position themselves to get jobs. The primary goal of this plan is to create jobs, but we have to take the crime down,” said Duncan.
Mother of three Marvette Cain made her concerns clear from early, not holding back on the preferential treatment she believes is being handed to the Chinese investors.
Duncan explained that part of the Government’s plan was that Jamaicans must be employed by the Chinese and noted that the country was seeing the highest levels of foreign direct investment in years.
Balford Ferguson urged the EPOC co-chair to re-examine the IMF programme to see if it was tailored to meet the needs of residents such as those in his community, which lacks many amenities.
At the end of the more than hour-long session, Carlos Barrett spoke for his neighbours as he welcomed the visit from the EPOC co-chair and expressed hope that the IMF deal would benefit the people of Maryland and all Jamaica.
[Source: The Gleaner]