Abstract
IMF Country Report No. 22/44
Copyright Page
IMF Country Report No. 22/44
JAMAICA
SELECTED ISSUES
February 2022
This Selected Issues paper on Jamaica was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on information available at the time it was completed on January 25, 2022.
The IMF’s transparency policy allows for the deletion of market-sensitive information and
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© 2022 International Monetary Fund
Title page
JAMAICA
SELECTED ISSUES
January 25, 2022
Approved By
Western Hemisphere Department
Prepared By Bas Bakker, Saji Thomas and Gonzalo Salinas (all WHD).
Contents
FISCAL STRATEGY FOR JAMAICA: REDUCING PUBLIC DEBT AND RESTORING FISCAL BUFFERS
A. Background—A History of Fiscal Crises, 1970–2009
B. The Great Adjustment During 2009–2019
C. The Covid Crisis and the Impact on Public Finances
D. Revenue System: History of Tax Reforms and Current Shortcomings
E. Expenditure Measures
F. Completing the Restoration of Fiscal Sustainability
G. Conclusion
References
APPENDIX
I. International Comparison of Main Taxes
FIGURES
1. COVID-19 Infections and Death
2. Investment and Infrastructure
3. Efficiency of Expenditure in Health and Education
TABLES
1. Fiscal Balances, FY 2010–2019
2. Investment and Infrastructure
3. Public Spending FY 2009/10–2020/21
REVERTING EXPORT STAGNATION IN JAMAICA
A. Introduction
B. Exports Developments: A Short History
C. Diversifying Into More Complex Sectors
D. Export Determinants in Jamaica
E. Conclusions
References
APPENDIX
I. Complexity Determinants
FIGURES
1. Complex Exports Determinants and Comparators, 2017
2. Education Indicators and Comparators
3. Logistics Performance Indicators and Comparators
4. Governance Subindices in and Comparators
TABLE
1. Largest Complex Exports by Country in 2018