This Technical Assistance Report discusses the findings and recommendations of the IMF’s Statistics Department mission for Jamaica concerning sector accounts and balance sheets. Jamaica had made considerable progress toward many items in the August 2015 IMF mission action plan. The Bank of Jamaica (BOJ) has prepared quarterly sector financial balance sheets for nearly all financial sectors. Most of these data are available on a from-whom-to-whom basis. The BOJ also prepares positions data for the rest of the world and obtains balance sheet data for several of the larger nonfinancial corporations (both public and private). These data have all been compiled from March 2013 to March 2015.
This paper uses the balance sheet approach to analyze macroeconomic vulnerabilities in Barbados between 2006 and 2009. It discusses the financial position of the economy and its main sectors and the sectors' exposure to changes in exchange rates. The main finding of the analysis is that the balance sheet of the aggregate economy has been weakened by the recent deterioration in the balance sheet of the nonfinancial public sector. Macroeconomic vulnerabilities have increased in Barbados since 2006 due to the high public debt and the deterioration in the net financial position with nonresidents. The private sector, however, maintained a healthy position and seems resilient to shocks. The paper also finds the balance sheet of the nonfinancial public sector has deteriorated significantly reflecting weak fiscal performance. While the central government is highly vulnerable to exchange rate shock, debt rollover risks are likely to be limited since most of external liabilities are long term and most domestic liabilities are held by the National Insurance System.