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.
The principal problems facing the Jamaican economy are the extremely heavy burden of public sector debt, low growth, and the legacy of earlier periods of high inflation. The government has implemented several improvements in its debt management strategy. Fiscal restraint has been reinforced by tight monetary policy. Exchange rate stability has succeeded in lowering domestic inflation. The legislative framework strengthens prudential supervision of both banks and other financial institutions to limit the risks of any further financial crisis. Measures to strengthen the regulatory framework are required.