The EPOC met on July 27, 2018 and reviewed the latest available results for the period ending May 2018.
Based on the preliminary results for performance to date through the end of May 2018, Jamaica is on track to meet the targets for the Quantitative Performance Criteria (QPCs) and Indicative Targets (ITs) for the IMF SBA for end-June 2018, with the exception of the inflation target. The 12-month inflation rate for June 2018 is 2.8%, which is below the 3.5% to 6.5% range for the June 2018 test date as set out in the Monetary Policy Consultation Clause in the PSBA. This will trigger a consultation with the IMF’s Executive Board whereby the BOJ will be required to explain in writing the rationale for the deviation and planned corrective actions.