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

Posted by epocjamaica | Sep 15, 2024 | communiques | 0

The EPOC met on September 2, 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:

Revenues and Grants for April to July 2024 outperformed budget while Expenditures were within budget
Inflation of 5.1% for July 2024 remains within the Bank’s target range
BOJ lowered its policy rate to 6.75%, marking the first reduction from since August 2019
Net International Reserves (NIR) totaling US$5.1B at end-July 2024 remain robust
Except for the fiscal balance, all targets and structural benchmarks for the third review under Jamaica’s Precautionary and Liquidity Line (PLL) and Resilience and Sustainability Facility (RSF) arrangements with the International Monetary Fund (IMF) were met

Communique-46-SEPTEMBER-2024

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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.