May 2024: Update on the GOJ Economic Reform Programme (ERP)

Posted by epocjamaica | May 4, 2024 | communiques | 0

Tax Revenues underperform, Inflation moves within BOJ target range, NIR hits historic highs

The EPOC met on April 12, 2024 to review the Fiscal and Monetary Quantitative Performance indicators under the Government of Jamaica’s Economic Reform Programme.

The following were key highlights noted by EPOC:

End-March 2024 Tax Revenues significantly underperformed budget
Inflation of 5.6% for March 2024 signals a return of the rate to the Bank’s target range
Net International Reserves (NIR) at historic levels of US$5.14B at end-March 2024
All indicative targets and structural benchmarks under the IMF Precautionary and Liquidity Line (PLL) and the Resilience and Sustainability Facility (RSF) at end-December 2023 were met.

Communique-45-DT-OBSERVER-MAY-2024-2

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epocjamaica

The Economic Programme Oversight Committee (EPOC) was established in 2013 to monitor the implementation of Jamaica’s economic reform measures under its agreement with the International Monetary Fund (IMF). The committee comprises 11 persons from the private and public sectors, and civil society. They receive and assess information from the Government of Jamaica (GOJ) to track the progress of the targets under the three-year Precautionary Stand-By Arrangement (PSBA) which was signed in 2016. Visit: https://epocjamaica.com/about to learn more.