The EPOC met on December 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 October 2024 were marginally ahead of budget, while Total Expenditures were within budget in the First Supplementary Estimates (FSE)
- Tax Revenues forecasted for FY 2024/25 were revised upward from $899.23B in the original budget to $905B in the FSE.
- Non-Tax revenues were increased in the month of October by $33.2B, due primarily to the overperformance of the securitization transaction, which exceeded the target of $45B by $25B.
- Total Expenditures forecasted for FY 2024/25 were revised upward by $40.3B to $1,064,083B in the FSE
- Inflation outturn was 4.9% for October 2024. BOJ projects it to remain in the target range of 4.0%-6.0%
- The BOJ has continued to lower its policy rate, which now stands at 6.25%
- Net International Reserves (NIR) is at US$5.6B at the end of October 2024 and continues to comfortably exceed the Adequacy benchmark.
