News and Updates | Economic Programme Oversight Committee (EPOC)

EPOC goes “On The Corner”

As their public education rollout continues, the Economic Programme Oversight Committee (EPOC) recently visited the Maryland community in St. Andrew to kick off the “On The Corner” series.
The series is a collaborative effort with The Gleaner whereby the Committee will visit various communities across Jamaica as they seek to spread information about the agreement with the International Monetary Fund.
EPOC was established in 2013 to monitor the implementation of Jamaica’s economic reform measures under its agreement with the IMF. The current committee monitors the targets agreed to be met under the Precautionary Standby Arrangement (PSBA).
The kick off of the “On The Corner” series follows on the launch of EPOC’s digital media platforms. The series is a part of an effort to increase public awareness about Jamaica’s economic performance based on the targets under the PSBA, through various media.
According to co-chair Keith Duncan who represents EPOC during these community visits, the series is geared towards taking the information about the economy to Jamaicans.
“We have chosen to meet these residents in their space because we are monitoring Jamaica’s plan because it is our plan for our economy and not the IMF’s. We want them to be informed about the economy’s progress,” said Duncan.
Residents of the Maryland community reacted positively to the visit of EPOC.
“I like that they came in the community and we were able to ask questions. It is a long time we really haven’t had anything like this in the community, and this gave us hope that something can really happen for us,” said mason Everton Knight.
Another resident, Joel Ferguson, said he believed the members of the community could now understand what is happening with the country’s economy.
“We hear these terms on the TV but it’s good to have it broken down for us so we can have a better grasp of these economic terms,” he added.
There will be visits to communities across the island, with another “On The Corner” slated for May.
A Statement to respond to
EPOC is an oversight body created to monitor the implementation of Jamaica’s economic reform measures under its agreement with the International Monetary Fund (IMF). Our committee of 12 focuses on holding the Government of Jamaica accountable to track the progress of the targets under the three-year Precautionary Stand-By Arrangement (PSBA).
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On The Corner > Fiscal What? GDP Who? – Maryland Residents Get Simple Language

Terms such as ‘primary surplus’ and ‘fiscal space’ were replaced with ‘spending more than you earn’ and ‘financial well-being of a government’ as Economic Programme Oversight Committee (EPOC) co-chairman Keith Duncan went On The Corner in the rural St Andrew community of Maryland last Thursday.
According to Duncan, EPOC will be going On The Corner in various communities to educate residents about the Government’s agreement with the International Monetary Fund (IMF) as part of an effort to ensure that the entire country is united around achieving the goals.
“We really want to get people understanding that there is a plan,” said Duncan.
“We really need to have the dialogue so people can know what is going on in their country – that there is a plan, there is a vision, that there is hope.
“We will try and really bruck it down so people can get an understanding of what we want to achieve as a country. And I think it is important that we have these kinds of sessions with people so they can ask the questions. We want to make it simple and relate it to people’s day-to-day life so that we can make a connection,” added Duncan.

Grateful For Opportunity
Maryland resident Everton Knight, who is trying to build his small mason business, was grateful for the opportunity to ask questions of Duncan on what there are opportunities, in the current IMF programme which will allow him to achieve his goal.
“It has helped me to better understand,” said Knight.
“I like that they came in the community and we were able to ask questions. It is a long time we really haven’t had anything like this in the community, and this gave us hope that something can really happen for us.
“One of the key things that they said was the importance of stabilising the dollar and how to help the farmers and business people to start from small businesses to larger businesses,” added Knight.
Joel Ferguson was delighted that the EPOC, which is responsible for monitoring the targets agreed with the IMF and advising the country about the developments, took time out to visit his community.
But Ferguson wanted even more as he questioned how the IMF deal would benefit the Maryland community.
“I wanted it to be a little more basic in terms of how it benefits rural-area people,” said Ferguson.
“Most people here don’t know what economic growth means or what it means for a community. If the economy grows, jobs will come, and a lot of things will change. But this was good, and I hope they will come back.”
[Source: The Gleaner]

On The Corner > IMF Deal Must Move Up All Jamaicans, Maryland Residents Tell EPOC

Residents of Maryland, a rustic community in east rural St Andrew, came with high anticipation last Thursday to hear co-chairman of the Economic Programme Oversight Committee (EPOC) Keith Duncan explain elements of the Government’s deal with the International Monetary Fund (IMF), but they didn’t just come to listen.
At a Gleaner On The Corner Forum in the community, residents wanted to know how the IMF deal would improve their lives, and they wanted the details without any of the economic terms usually used in discussing the IMF.
Duncan was up to the task as he explained the ABCs of the programme.

Joel Ferguson was first to bowl at the EPOC co-chairman as he wanted to know what would happen for the residents of Maryland and other grass-roots Jamaicans when the current programme comes to an end in three years.
“We want to have growth levels anywhere between three and five per cent. When we say the economy, we mean all the goods and services – manufacturing, distribution, bar, everything – all the services that make up the economy. We want to grow the economy so that you can get the jobs you need,” explained Duncan.
He noted that the more jobs that are created, the more revenue there would be for the Government from more taxes paid by goods and service providers, which would lead to the provision of better roads, better health facilities, and better infrastructure in communities such as Maryland.
Duncan pointed out that the IMF programme was not political as the current Jamaica Labour Party (JLP) administration and the former People’s National Party (PNP) government both agree on the need for better management of the economy.

Crime Affecting Growth
Everton Knight, one of the residents, expressed the view that crime was a major factor affecting economic growth not only in his community, but nationally.
He outlined some of the factors that he believed caused crime and the resultant downturn in economic activity.
Support for the position came from Cecil Robinson. “When free zone used to run, you see all the buses. Dem bend. Dem lean. A pure woman inna dat. You see dung a Waterhouse, dem man have dem M16 lean up inna de corner. Dem all right. No crime naah gwaan,” said Robinson.
He argued that by getting jobs for Jamaicans, crime would be reduced.
Fellow resident Christine Rookwood-Pinto nodded in agreement as she declared: “I want to back him because lack of jobs for the young people is a major problem. Men have women and don’t have jobs to carry them out. The woman at home want money to look after the children, so it’s lack of jobs that lead to crime and violence in Jamaica on a whole,” she told the gathering.
That was a position accepted by Duncan, who noted that the IMF plan was all about growing the economy and creating jobs.
“The bottom line is that the economy must create jobs for people, educate people so they can position themselves to get jobs. The primary goal of this plan is to create jobs, but we have to take the crime down,” said Duncan.
Mother of three Marvette Cain made her concerns clear from early, not holding back on the preferential treatment she believes is being handed to the Chinese investors.
Duncan explained that part of the Government’s plan was that Jamaicans must be employed by the Chinese and noted that the country was seeing the highest levels of foreign direct investment in years.
Balford Ferguson urged the EPOC co-chair to re-examine the IMF programme to see if it was tailored to meet the needs of residents such as those in his community, which lacks many amenities.
At the end of the more than hour-long session, Carlos Barrett spoke for his neighbours as he welcomed the visit from the EPOC co-chair and expressed hope that the IMF deal would benefit the people of Maryland and all Jamaica.
[Source: The Gleaner]

On The Corner > We Want Infrastructure, Opportunities, Say Maryland Residents

Infrastructural development focused on education and socialisation, coupled with greater job opportunities, are what residents of Maryland in east rural St Andrew are demanding from the Government.
The residents made their thoughts known in a Gleaner On The Corner forum with co-chairman of the Economic Programme Oversight Committee (EPOC), Keith Duncan, in their community last Thursday.
With Duncan willing to listen and share thoughts about the role of the committee that monitors the Government’s programme with the International Monetary Fund (IMF), the residents were not shy, during and after the forum, as they bemoaned the lack of economic opportunities and the infrastructure needs of their community.

“We’re lacking a basic school, a clinic and a post office,” declared 46-year-old Cecil Robinson.
The self-employed resident added that emphasis on development should be shifted from urban areas in order to alleviate the burden being faced by those living in “deplorable” conditions in rural communities.
But 26-year-old lab technician Kemar Fender challenged his neighbour, as he argued that a development balance had to be struck, as to shift focus solely to rural communities could result in the collapse of corporate Jamaica.
“Our community centre needs development. However, there are opportunities in place for rural folks, but we have to be more organised as a community to be able to capitalise on them,” said Fender.
“Having achieved that organisational structure, I hope the economic plan has aspects that can maximise the strengths of my community, such as farming,” added Fender.
Elisha Bogle, 70, who was born and raised in Maryland, recounted when agriculture thrived and scores of persons raked in good incomes.
“These youngsters nowadays don’t want to farm. We don’t have anybody to cultivate, is just a few persons farming,” Bogle told The Gleaner.
Marvette Cain, a 35-year-old mother of three, underscored the need for a basic school as she pointed out that the closest was some distance away in Woodford.
Cain further charged that the lack of job opportunities is the primary cause of gambling and other “unproductive activities” in Jamaica.
“I’ve seen where persons have gotten a few weeks’ employment and they no longer have a mindset to sit on the corner and idle. Persons are motivated to work, but we need the job opportunities,” argued Cain.
At the end of the forum, Maryland residents gave Duncan a nine-out-of-10 rating for his presentation of complex economic matters that are usually discusssed in terms they believe are not designed for the man on the street.
[Source: The Gleaner]

IMF Praises Jamaica in Performance Review

Finance and Public Service Minister, Hon. Audley Shaw (left), listens as Head of the International Monetary Fund (IMF) Staff Mission Team to Jamaica, Dr. Uma Ramakrishnan, addresses journalists during the 13th IMF quarterly review media briefing at the Office of the Prime Minister (OPM) last year.
The International Monetary Fund (IMF) has given Jamaica high marks for its economic performance in its review of the country’s Stand-by Agreement (SBA), issued on Tuesday (April 18).
The IMF says programme implementation remains strong under the SBA.
“Sustained macroeconomic discipline and visible reforms have boosted stability and confidence. Positive real GDP has been recorded in seven consecutive quarters and Jamaica is projected to grow by two per cent in fiscal year 2017/18, bolstered by construction and tourism, among other factors,” the Fund notes.
“Inflation reached an all-time low in 2016 and investor confidence is at an all-time high, attracting foreign direct investments. The current account deficit has narrowed significantly, supporting accumulation in non-borrowed reserves,” the IMF adds.
The IMF further mentions that the primary balance over-performed the target by J$23 billion, with tax revenues being $22 billion above target. The Fund also draws attention to the fact that the
Net International Reserves (NIR) exceeded the target by over US$240 million at the end of December when inflation recorded only 1.7 per cent.
All but one of the quantitative performance criteria were met and the one that was not met represented delays in handling suppliers’ credits which, the Fund adds, have since been cleared.
The IMF praises Jamaica’s policy initiative of moving from direct to indirect taxation, mentioning that “the ongoing revenue-neutral rebalancing from direct to indirect taxes…will further expand the tax base and work incentives. The budget also provides for greater capital spending.”
The multilateral institution also has high praise for the Government’s “significantly higher budget allocation for social spending,” which it says will “insulate Jamaica’s poor and vulnerable from the impact of the rebalancing to indirect taxes.”
With regard to the financial sector, the Fund mentions that the banks’ capital adequacy ratio of 14.9 per cent was “well above the regulatory minimum” of 10 per cent. Mention is also made of the doubling of the credit going to the private sector since April last year.
The Executive Board says “decisive policy actions are required” to improve public sector resource allocation and efficiency. The Board expresses the view that reducing the Government’s wage bill and lowering pension costs are important to shifting Jamaica’s limited fiscal resources to productive spending.
The IMF, in its 74-page review, supports the recently announced policy decision to de-earmark the funds for public sector bodies and moving them to the Consolidated Fund.
This, it says, will improve transparency and efficiency in spending, “consistent with broader public financial management.”
The Washington-based institution says that preserving the social consensus for reform “will be critical” in sustaining the gains of macroeconomic stability.
[Source: Jamaica Information Service]