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Statement by the Staff Representative on Jamaica, September 30, 2013

Author(s):
International Monetary Fund. Western Hemisphere Dept.
Published Date:
October 2013
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  • 1. This statement provides an update on the information presented in the staff report. This information does not alter the thrust of the staff appraisal.
  • 2. Inflation edged down to 9.5 percent in August (y-o-y) from 9.7 percent in July. To ease domestic-currency liquidity pressures in the financial system, on September 17, the Bank of Jamaica injected liquidity to the banking system through 14-day repo agreements. Reserves have remained fairly stable, and amounted to US$ 905 million as of September 20, somewhat above the end-September performance criterion of US$896 million.
  • 3. A Charities Act was tabled in parliament on September 17 (an end-September structural benchmark).
  • 4. The tabling of the Omnibus Tax Incentive Act, originally scheduled for end-September (a structural benchmark), will be subject to a minor delay. The authorities have collaborated with staff in preparing this legislation, and specific understandings are included in the MEFP. The delay in tabling the Act would not affect the subsequent effectiveness of the new incentive regime (which is subject to a separate structural benchmark), and staff considers that the reform process remains on track.

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