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.