The EPOC met on May 7, 2021 to review the macro fiscal programme of the Government of Jamaica (GOJ) and the monetary performance of the Bank of Jamaica (BOJ) for the fiscal year 2020/21, and to highlight key projections for FY2021/22.

The following were key highlights noted by EPOC:

  • GOJ Tax Revenues projected to increase 13% from $505.7B in 2020/21 to $572.5B in 2021/22
  • Remittances remain strong increasing 34.7% year over year at February 2021 (was US$212.5M for February 2021 compared to US$ 162.8M for February 2020)
  • Net International Reserves robust at US$3.3B
  • Debt to GDP projected to fall from 110.1% to 100.7% for 2021/22

Based on the preliminary results for performance to date through to the end of March 2021, the GOJ has met the available Quantitative Performance Targets for the GOJ ERP for end March 2021, with the exception of the Tax Revenues target.

The implementation of the majority of the Priority Actions for the GOJ ERP was delayed relative to the timelines established in November 2019, due, in large part, to the impact of the COVID-19 pandemic.

EPOC will continue to monitor the fiscal and monetary targets set out for the Fiscal year 2021/22.