As COVID-19 cases spike, risks to economic recovery remain high
The EPOC met on February 5, 2021 to review the macro fiscal programme of the Government of Jamaica (GOJ) and the monetary performance of the Bank of Jamaica (BOJ) for the fiscal year 2020/21. The following were key highlights noted by EPOC:✔ The GOJ tables third Supplementary budget as Tax Revenues projected to fall below previous targets✔ Macro-fiscal risks increase as GDP growth projections weaken✔ Pace of global economic recovery remains uncertain as global demand for vaccines outstrip supply✔ International Reserves remain strong due to higher than expected increase in Remittance Inflows
Based on the performance of the fiscal and monetary indicators, the GOJ and the BOJ are on track to meet the selected quantitative targets under the GOJ Economic Reform Programme (ERP) as at the end of December 2020,with the exception of the Tax Revenues target. The implementation of the majority of the Priority Actions for the GOJ ERP continues to be delayed relative to the timelines established in November 2019, due, in large part, to the impactof the COVID-19 pandemic. The timelines and scope of these priority commitments are to be reviewed.

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EPOC remains cautiously optimistic as Jamaica hits Fiscal targets and International Reserves remain strong
The EPOC met on December 4, 2020 to review the macro fiscal programme of the Government of Jamaica (GOJ) for the fiscal year 2020/21. The following were key highlights noted by EPOC:

GDP growth projections reduced as global and domestic economic conditions remain uncertain.
Downside risks to macro fiscal projections remain high.
Major strides made towards the establishing of Central Bank Independence and the Fiscal Commission.

 Based on the reports presented by the Ministry of Finance and the Bank of Jamaica, the GOJ and the BOJ is on track to meet all quantitative targets under the GOJ Economic Reform Programme (ERP) as at the end of September 2020, with the exception of the Non-borrowed reserves which was not adjusted downwards at the onset of the COVID-19 pandemic. . However, the implementation of the majority of the Priority Actions for the GOJ ERP continues to be delayed relative to the timelines established in November 2019, due in large part to the impact of the COVID-19 pandemic. While the timelines and scope of some of these action items are to be reviewed, the work continues.

Communique-December-2020

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CHALLENGING PATH TO ECONOMIC RECOVERY
The EPOC met on September 11, 2020 to review the macro fiscal programme of the Government of Jamaica (GOJ) for the fiscal year 2020/21 and over the medium term. EPOC looked in depth at the fiscal and monetary assumptions and actions which underpin Jamaica’s recovery path.
Based on the preliminary performance results, the GOJ is on track to meet the Quantitative Performance Targets for GOJ ERP for end-June 2020, with the exception of the inflation target. However, the implementation of a majority of the Priority Actions for the GOJ ERP has been delayed relative to the timelines established in November 2019, due in large part to the impact of the COVID-19 pandemic.

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