Abstract
JAMAICA
Title Page
JAMAICA
STAFF REPORT FOR THE 2022 ARTICLE IV CONSULTATION—INFORMATIONAL ANNEX
January 19, 2023
Prepared By
Western Hemisphere Department
Contents
FUND RELATIONS
COLLABORATIONS WITH OTHER INTERNATONAL FINANCIAL INSTITUTIONS
STATISTICAL ISSUES
Fund Relations
(As of November 30, 2022)
Membership Status: Joined: February 21, 1963, Article VIII
| General Resources Account: | SDR Million | % Quota |
| Quota | 382.90 | 100.00 |
| Fund holdings of currency | 932.76 | 243.6 |
| Reserve tranche position | 27.35 | 7.14 |
| General Resources Account: | SDR Million | % Quota |
| Quota | 382.90 | 100.00 |
| Fund holdings of currency | 932.76 | 243.6 |
| Reserve tranche position | 27.35 | 7.14 |
| SDR Department: | SDR Million | % Allocation |
| Net cumulative allocation | 628.64 | 100.00 |
| Holdings | 105.84 | 16.84 |
| SDR Department: | SDR Million | % Allocation |
| Net cumulative allocation | 628.64 | 100.00 |
| Holdings | 105.84 | 16.84 |
| Outstanding Purchases and Loans: | SDR Million | % Quota |
| Emergency Assistance | 382.90 | 100.00 |
| Extended Arrangements | 194.26 | 50.73 |
| Outstanding Purchases and Loans: | SDR Million | % Quota |
| Emergency Assistance | 382.90 | 100.00 |
| Extended Arrangements | 194.26 | 50.73 |
Latest Financial Arrangements:
Arrangements:
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
| SBA | Nov 11, 2016 | Nov 10, 2019 | 1,195.30 | 0.00 |
| EFF | May 1, 2013 | Nov 10, 2016 | 615.38 | 558.73 |
| Stand-By | Feb. 4, 2010 | May 3, 2012 | 820.50 | 541.80 |
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
| SBA | Nov 11, 2016 | Nov 10, 2019 | 1,195.30 | 0.00 |
| EFF | May 1, 2013 | Nov 10, 2016 | 615.38 | 558.73 |
| Stand-By | Feb. 4, 2010 | May 3, 2012 | 820.50 | 541.80 |
Outright Loans:
| Type | Date of Arrangement | Date Drawn | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
| RFI | May 15, 2020 | May 19, 2020 | 382.90 | 382.90 |
| Type | Date of Arrangement | Date Drawn | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
| RFI | May 15, 2020 | May 19, 2020 | 382.90 | 382.90 |
Overdue Obligations and Projected Payments to Fund 1/
(SDR Million; Based on Existing Use of Resources and Present Holdings of SDRs)
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
Overdue Obligations and Projected Payments to Fund 1/
(SDR Million; Based on Existing Use of Resources and Present Holdings of SDRs)
| Forthcoming | |||||
| 2022 | 2023 | 2024 | 2025 | 2026 | |
| Principal | 18.76 | 177.45 | 247.47 | 124.05 | 9.44 |
| Charges/Interest | 34.19 | 25.92 | 17.24 | 14.72 | |
| Total | 18.76 | 211.64 | 273.39 | 141.28 | 24.16 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
Overdue Obligations and Projected Payments to Fund 1/
(SDR Million; Based on Existing Use of Resources and Present Holdings of SDRs)
| Forthcoming | |||||
| 2022 | 2023 | 2024 | 2025 | 2026 | |
| Principal | 18.76 | 177.45 | 247.47 | 124.05 | 9.44 |
| Charges/Interest | 34.19 | 25.92 | 17.24 | 14.72 | |
| Total | 18.76 | 211.64 | 273.39 | 141.28 | 24.16 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
Implementation of HIPC Initiative: Not Applicable
Implementation of Multilateral Debt Relief Initiative (MDRI): Not Applicable
Implementation of Catastrophe Containment and Relief (CCR): Not Applicable
Exchange Rate Arrangements:
Jamaica's de facto and de jure exchange rate arrangements are floating. On December 31, 2022 the Jamaican dollar was trading at around J$152.3 to the U.S. dollar. Jamaica has accepted the obligations of Article VIII, Sections 2, 3, and 4 of the IMF's Articles of Agreement. Jamaica does not maintain exchange restrictions on the making of payments and transfers for current international transactions, subject to IMF approval under Article VIII, Section 2(a) of the IMF's Articles of Agreement. Jamaica maintains a multiple currency practice, subject to IMF approval under Article VIII, Section 3 of the IMF's Articles of Agreement, due to the absence of a mechanism to prevent the exchange rates used for the resale of foreign exchange auction funds (capped with a specified spread) by participants and the exchange rates at which such participants sell foreign exchange other than from the foreign exchange auction funds, from deviating by more than 2 percent.
Last Article IV Consultation and Program Relations:
Jamaica RFI, SDR 382.90 million (100 percent of quota) Rapid Financing Instrument (RFI) was approved by the IMF Executive Board on May 15, 2020. The last Article IV consultation was completed by the Executive Board in February 2022. Jamaica is on the standard 12-month consultation cycle. Jamaica's capacity to repay the Fund remains adequate, with risks mitigated by its strong track record of policy implementation and past use of Fund resources. Fund credit outstanding will reach about 4.4 percent of GDP or 12 percent of exports by end FY 2022/23.
Safeguards Assessment:
An update assessment of the BoJ is in progress. The 2017 update safeguards assessment found relatively strong safeguards in place, particularly in the financial reporting and audit mechanisms. Annual financial statements continue to be prepared and audited in accordance with international standards. The BOJ Act was amended towards the end of 2020.
Technical Assistance (Since 2017):
| Department | Dates | Purpose |
| FAD | April 2022 | Special Economic Zones – exemption regimes. |
| September 2021 | Medium-Term Expenditure Framework | |
| August 2021 | Treasury Reporting | |
| September 2021 | Tax Compliance | |
| September 2021 | TADAT Assessment | |
| April 2021 | Discretionary tax waivers | |
| January 2018 | International Taxation | |
| January 2018 | Revenue Administration – taking stock and next steps | |
| July 2017 | Public Bodies Reform Action Plan | |
| April 2017 | Organizational Restructuring of Ministry of Finance | |
| LEG/MCM | July 2017 | Central Bank Governance Reform |
| July 2017 | Resolution Framework for Banks | |
| July 2017-March 2018 | Pension Fund Stress Tests and Indicators (CARTAC) | |
| MCM | September 2017 | Bank Financial Analysis (CARTAC) |
| April-August 2017 | Foreign Exchange Operations | |
| July 2017 | Macro Prudential Framework and Toolkit (CARTAC) | |
| June 2017 | Non-Bank Regulation and Supervision | |
| May 2017 | Primary Dealer System Reforms | |
| January 2017 | Bank Restructuring and Crisis Management | |
| August 2016-October 2016 | Liability Management | |
| June 2016-October 2017 | Central Bank Modelling and Forecasting | |
| May 2016-March2017 | Strengthening Securities Supervision | |
| February 2016-March 2018 | Supervisory Framework for SDs and Insurance | |
| December 2016 | Risk Based Supervision (CARTAC) | |
| June 2015-July 2016 | Securities and Insurance Supervision (CARTAC) | |
| STA | October 23 – November 3, 2017 | Government Finance Statistics |
| August 13-24, 2018 | Government Finance Statistics |
| Department | Dates | Purpose |
| FAD | April 2022 | Special Economic Zones – exemption regimes. |
| September 2021 | Medium-Term Expenditure Framework | |
| August 2021 | Treasury Reporting | |
| September 2021 | Tax Compliance | |
| September 2021 | TADAT Assessment | |
| April 2021 | Discretionary tax waivers | |
| January 2018 | International Taxation | |
| January 2018 | Revenue Administration – taking stock and next steps | |
| July 2017 | Public Bodies Reform Action Plan | |
| April 2017 | Organizational Restructuring of Ministry of Finance | |
| LEG/MCM | July 2017 | Central Bank Governance Reform |
| July 2017 | Resolution Framework for Banks | |
| July 2017-March 2018 | Pension Fund Stress Tests and Indicators (CARTAC) | |
| MCM | September 2017 | Bank Financial Analysis (CARTAC) |
| April-August 2017 | Foreign Exchange Operations | |
| July 2017 | Macro Prudential Framework and Toolkit (CARTAC) | |
| June 2017 | Non-Bank Regulation and Supervision | |
| May 2017 | Primary Dealer System Reforms | |
| January 2017 | Bank Restructuring and Crisis Management | |
| August 2016-October 2016 | Liability Management | |
| June 2016-October 2017 | Central Bank Modelling and Forecasting | |
| May 2016-March2017 | Strengthening Securities Supervision | |
| February 2016-March 2018 | Supervisory Framework for SDs and Insurance | |
| December 2016 | Risk Based Supervision (CARTAC) | |
| June 2015-July 2016 | Securities and Insurance Supervision (CARTAC) | |
| STA | October 23 – November 3, 2017 | Government Finance Statistics |
| August 13-24, 2018 | Government Finance Statistics |
CARTAC Technical Assistance to Jamaica in FY2020–FY2022
In FY2020 and FY2021, CARTAC delivered approximately -- field person weeks of TA to Jamaica in customs and tax administration, public financial management, statistics, and financial markets.
| Description | Start Date | End Date |
| Macroeconomic Management | ||
| Macroframework Foundation Tool, First Delivery | 5/17/2021 | 5/21/2021 |
| Jamaica General Macroeconomic Analysis | 9/13/2021 | 7/23/2021 |
| Jamaica General Macroeconomic Analysis | 7/19/2021 | 7/17/2021 |
| Macroframework Foundation Tool, First Delivery | 5/17/2021 | 5/21/2021 |
| Financial Programming and Policies | 12/15/2020 | 12/18/2020 |
| Statistics | ||
| Jamaica - TA - BOP/IIP - Enhance Source Data | 1/17/2022 | 1/28/2022 |
| Real Sector – National Accounts | 10/11/2021 | 10/15/2021 |
| National Accounts - Review of Implementation of SNA 2008 Concepts and Methods | 10/12/20 | 11/3/20 |
| Financial Markets | ||
| Liquidity Risk Management and Capital Requirements - Securities Firms | 7/1/20 | 7/3/20 |
| Liquidity Risk Management and Capital Requirements - Securities Firms | 7/26/20 | 8/14/20 |
| Liquidity Risk Management and Capital Requirements - Securities Firms | 7/31/20 | 8/14/20 |
| Management of Credit Risk Supervisory Process and Conducting Credit Risk Reviews | 7/8/2019 | 7/12/2019 |
| Financial Stability – Monitoring and Detection of Systemic Risks | 02/08/2021 | 02/21/2021 |
| Basel II/III (Pillar I) Implement Follow-Up Mission | 10/2/20 | 10/15/20 |
| Basel II/III (Pillar 1) Implementation Follow-Up Mission | 10/2/20 | 10/15/20 |
| Basel II/III (Pillar I) Implement Follow-Up Mission | 2/22/21 | 2/26/21 |
| Basel II/III (Pillar 1) Implementation Follow-Up Mission | 2/23/21 | 2/25/21 |
| Bank of Jamaica - To Conduct Risk-Based Supervision | 4/14/21 | 4/19/21 |
| To Conduct Risk-Based Supervision | 4/14/21 | 4/19/21 |
| Consolidated Supervision of Insurance Groups | 4/19/21 | 4/23/21 |
| Consolidated Supervision of Insurance Groups | 4/19/21 | 4/23/21 |
| Consolidated Supervision of Insurance Groups | 4/19/21 | 4/28/21 |
| Systemic Risk Monitoring - Monitoring Detecting System Risks (FSR Writing) | 4/27/21 | 4/30/21 |
| Systemic Risk Monitoring - Monitoring Detecting System Risks (FSR Writing) | 4/28/21 | 5/07/21 |
| Strengthening Risk-Based Supervision BOJ | 3/15/21 | 3/19/21 |
| Dynamic Stress Test for Banks | 10/2/2021 | 10/08/2021 |
| Government Debt Market (Mission) | 10/4/2021 | 10/15/2021 |
| Enhance Systemic Risk Monitoring | 4/11/2022 | 4/15/2022 |
| Description | Start Date | End Date |
| Macroeconomic Management | ||
| Macroframework Foundation Tool, First Delivery | 5/17/2021 | 5/21/2021 |
| Jamaica General Macroeconomic Analysis | 9/13/2021 | 7/23/2021 |
| Jamaica General Macroeconomic Analysis | 7/19/2021 | 7/17/2021 |
| Macroframework Foundation Tool, First Delivery | 5/17/2021 | 5/21/2021 |
| Financial Programming and Policies | 12/15/2020 | 12/18/2020 |
| Statistics | ||
| Jamaica - TA - BOP/IIP - Enhance Source Data | 1/17/2022 | 1/28/2022 |
| Real Sector – National Accounts | 10/11/2021 | 10/15/2021 |
| National Accounts - Review of Implementation of SNA 2008 Concepts and Methods | 10/12/20 | 11/3/20 |
| Financial Markets | ||
| Liquidity Risk Management and Capital Requirements - Securities Firms | 7/1/20 | 7/3/20 |
| Liquidity Risk Management and Capital Requirements - Securities Firms | 7/26/20 | 8/14/20 |
| Liquidity Risk Management and Capital Requirements - Securities Firms | 7/31/20 | 8/14/20 |
| Management of Credit Risk Supervisory Process and Conducting Credit Risk Reviews | 7/8/2019 | 7/12/2019 |
| Financial Stability – Monitoring and Detection of Systemic Risks | 02/08/2021 | 02/21/2021 |
| Basel II/III (Pillar I) Implement Follow-Up Mission | 10/2/20 | 10/15/20 |
| Basel II/III (Pillar 1) Implementation Follow-Up Mission | 10/2/20 | 10/15/20 |
| Basel II/III (Pillar I) Implement Follow-Up Mission | 2/22/21 | 2/26/21 |
| Basel II/III (Pillar 1) Implementation Follow-Up Mission | 2/23/21 | 2/25/21 |
| Bank of Jamaica - To Conduct Risk-Based Supervision | 4/14/21 | 4/19/21 |
| To Conduct Risk-Based Supervision | 4/14/21 | 4/19/21 |
| Consolidated Supervision of Insurance Groups | 4/19/21 | 4/23/21 |
| Consolidated Supervision of Insurance Groups | 4/19/21 | 4/23/21 |
| Consolidated Supervision of Insurance Groups | 4/19/21 | 4/28/21 |
| Systemic Risk Monitoring - Monitoring Detecting System Risks (FSR Writing) | 4/27/21 | 4/30/21 |
| Systemic Risk Monitoring - Monitoring Detecting System Risks (FSR Writing) | 4/28/21 | 5/07/21 |
| Strengthening Risk-Based Supervision BOJ | 3/15/21 | 3/19/21 |
| Dynamic Stress Test for Banks | 10/2/2021 | 10/08/2021 |
| Government Debt Market (Mission) | 10/4/2021 | 10/15/2021 |
| Enhance Systemic Risk Monitoring | 4/11/2022 | 4/15/2022 |
Collaborations with other International Financial Institutions
As of November 31, 2022, Jamaica has collaborations with The World Bank Group, Inter-American Development Bank, and Caribbean Development Bank.
Further information can be obtained from the following hyperlinks.
| International Financial Institution | Hyperlink |
| The World Bank Group | https://projects.worldbank.org/en/projects-operations/projects-summary?lang=en&countrycode_exact=JM |
| Inter-American Development Bank | https://www.iadb.org/en/countries/jamaica/projects-glance |
| Caribbean Development Bank | https://www.caribank.org/countries-and-members/borrowing-members/jamaica |
| International Financial Institution | Hyperlink |
| The World Bank Group | https://projects.worldbank.org/en/projects-operations/projects-summary?lang=en&countrycode_exact=JM |
| Inter-American Development Bank | https://www.iadb.org/en/countries/jamaica/projects-glance |
| Caribbean Development Bank | https://www.caribank.org/countries-and-members/borrowing-members/jamaica |
Statistical Issues
As of December 12, 2022
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has some shortcomings but is broadly adequate for surveillance. | |
| Key Websites for Statistics on Jamaica: | |
| Bank of Jamaica: | http://www.boj.org.jm/ |
| Ministry of Finance and Planning: | http://www.mof.gov.jm/ |
| Planning Institute of Jamaica: | http://www.pioj.gov.jm/ |
| Statistical Institute of Jamaica: | http://www.statinja.gov.jm/ |
| National Accounts: The Statistical Institute of Jamaica (STATIN) provides annual estimates of GDP by economic activity and by expenditure at current and constant 2007 prices, as well as quarterly current and constant estimates for GDP by economic activity. Progress with addressing data gaps, compiling the supply and use tables (SUT) and rebasing the GDP estimates to 2014 has been slow due to high staff turnover and the staff having to concentrate on producing the ongoing annual and quarterly GDP estimates. Assistance on national accounts methodology has been provided by Statistics Canada, STA, and CARTAC. | |
| Price Statistics: The CPI expenditure weights have been updated with the 2017 Household Expenditure Survey results and published with the index series starting in January 2020. At the same time, the product group and outlet selection have been updated.. Substantial progress has been made in the development of the export and import price indexes (XMPIs) by minimizing the reliance on volatile unit value indices from Customs. The STATIN compiles and disseminates the producer price index (PPI) on a monthly basis covering mining and manufacturing industries (base 2005 =100). There are plans to improve the scope of the PPI by covering other industries like electricity, gas, services, etc. | |
| Government Finance Statistics: Budgetary central government operations and public debt data (with the exception of non-guaranteed debt by public entities) are updated on a monthly basis. Budgetary data also excludes the revenues and expenditures financed by Appropriations in Aid, and therefore provides an incomplete picture of budgetary central government revenue and expenditures. Also, data on operations of public entities outside the consolidated fund (which includes all public bodies that are fully financed through the state budget) are only available with lag of more than a month, making the assessment of the overall balance of the public sector challenging. | |
Government finance statistics are available at: Debt: http://www.mof.gov.jm/dmu/ Budget: http://www.mof.gov.jm/programmes/em/fpmu/default.shtml |
|
| Monetary and Financial Statistics: The BOJ submits monetary and financial statistics (MFS) to STA using the standardized report forms (SRFs). The MFS data generally conform to the concepts and definitions of the Monetary and Financial Statistics Manual and Compilation Guide (MFSMCG). The BoJ does not yet report data for the Other Financial Corporations sector for dissemination in the International Financial Statistics (IFS). Currently, the Financial Soundness Indicators (FSIs) are not reported to STA for dissemination on the Fund's website. The BoJ needs to update their action plan related to compilation of FSIs. In addition, Jamaica also reports data on several series and indicators of the Financial Access Survey (FAS), including mobile and internet banking, mobile money, and the two indicators (commercial bank branches per 100,000 adults and ATMs per 100,000 adults) adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs). The BoJ doesn't report gender-disaggregated data. | |
| Balance of Payments: The BOJ reports quarterly balance of payments (BOP) and international investment position (IIP) in the format of the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6), and monthly International Reserves and Foreign Currency Liquidity data. In addition, the BOJ participates in the World Bank's Quarterly External Debt Statistics (QEDS) database with data on Gross External Debt Position. The quality and dissemination of external sector statistics has significantly improved; however, there are shortcomings for direct investment data and the coverage of nonfinancial sector needs to be further improved. External debt data does not include intercompany debt. | |
| II. Data Standards and Quality | |
| Participant in the General Data Dissemination System (GDDS) since February 28, 2003. Jamaica implemented the e-GDDS (a data transparency framework) in 2017, publishing core economic data aligned with the Table of Common Indicators Required for surveillance. The information is published in a data portal called, National Summary Data Page. | No data ROSC is available. |
| III. Reporting to STA | |
No data on industrial production, wholesale or producer prices, import volumes, or export and import prices have been reported for publication in the International Financial Statistics (IFS) in recent years. Detailed quarterly balance of payments and international investment position (IIP) data are reported by the BOJ for publication in the Balance of Payments Statistics Yearbook (BOPSY) and the IFS. In September 2007, Jamaica reported for the first time IIP data to STA; annual IIP data since 2005 (quarterly since 2012) are available in BOPSY and IFS. Monthly data are reported for the balance sheet of the Bank of Jamaica and Other Depository Corporations with long lags Limited fiscal data for the budgetary central government and the National Insurance Fund has historically been reported by the MOF for inclusion in the Government Finance Statistics Yearbook and Database but efforts to improve the breadth and depth of these data have been hampered by lack of resources and staff changes at the Ministry of Finance and Public Services. |
|
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has some shortcomings but is broadly adequate for surveillance. | |
| Key Websites for Statistics on Jamaica: | |
| Bank of Jamaica: | http://www.boj.org.jm/ |
| Ministry of Finance and Planning: | http://www.mof.gov.jm/ |
| Planning Institute of Jamaica: | http://www.pioj.gov.jm/ |
| Statistical Institute of Jamaica: | http://www.statinja.gov.jm/ |
| National Accounts: The Statistical Institute of Jamaica (STATIN) provides annual estimates of GDP by economic activity and by expenditure at current and constant 2007 prices, as well as quarterly current and constant estimates for GDP by economic activity. Progress with addressing data gaps, compiling the supply and use tables (SUT) and rebasing the GDP estimates to 2014 has been slow due to high staff turnover and the staff having to concentrate on producing the ongoing annual and quarterly GDP estimates. Assistance on national accounts methodology has been provided by Statistics Canada, STA, and CARTAC. | |
| Price Statistics: The CPI expenditure weights have been updated with the 2017 Household Expenditure Survey results and published with the index series starting in January 2020. At the same time, the product group and outlet selection have been updated.. Substantial progress has been made in the development of the export and import price indexes (XMPIs) by minimizing the reliance on volatile unit value indices from Customs. The STATIN compiles and disseminates the producer price index (PPI) on a monthly basis covering mining and manufacturing industries (base 2005 =100). There are plans to improve the scope of the PPI by covering other industries like electricity, gas, services, etc. | |
| Government Finance Statistics: Budgetary central government operations and public debt data (with the exception of non-guaranteed debt by public entities) are updated on a monthly basis. Budgetary data also excludes the revenues and expenditures financed by Appropriations in Aid, and therefore provides an incomplete picture of budgetary central government revenue and expenditures. Also, data on operations of public entities outside the consolidated fund (which includes all public bodies that are fully financed through the state budget) are only available with lag of more than a month, making the assessment of the overall balance of the public sector challenging. | |
Government finance statistics are available at: Debt: http://www.mof.gov.jm/dmu/ Budget: http://www.mof.gov.jm/programmes/em/fpmu/default.shtml |
|
| Monetary and Financial Statistics: The BOJ submits monetary and financial statistics (MFS) to STA using the standardized report forms (SRFs). The MFS data generally conform to the concepts and definitions of the Monetary and Financial Statistics Manual and Compilation Guide (MFSMCG). The BoJ does not yet report data for the Other Financial Corporations sector for dissemination in the International Financial Statistics (IFS). Currently, the Financial Soundness Indicators (FSIs) are not reported to STA for dissemination on the Fund's website. The BoJ needs to update their action plan related to compilation of FSIs. In addition, Jamaica also reports data on several series and indicators of the Financial Access Survey (FAS), including mobile and internet banking, mobile money, and the two indicators (commercial bank branches per 100,000 adults and ATMs per 100,000 adults) adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs). The BoJ doesn't report gender-disaggregated data. | |
| Balance of Payments: The BOJ reports quarterly balance of payments (BOP) and international investment position (IIP) in the format of the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6), and monthly International Reserves and Foreign Currency Liquidity data. In addition, the BOJ participates in the World Bank's Quarterly External Debt Statistics (QEDS) database with data on Gross External Debt Position. The quality and dissemination of external sector statistics has significantly improved; however, there are shortcomings for direct investment data and the coverage of nonfinancial sector needs to be further improved. External debt data does not include intercompany debt. | |
| II. Data Standards and Quality | |
| Participant in the General Data Dissemination System (GDDS) since February 28, 2003. Jamaica implemented the e-GDDS (a data transparency framework) in 2017, publishing core economic data aligned with the Table of Common Indicators Required for surveillance. The information is published in a data portal called, National Summary Data Page. | No data ROSC is available. |
| III. Reporting to STA | |
No data on industrial production, wholesale or producer prices, import volumes, or export and import prices have been reported for publication in the International Financial Statistics (IFS) in recent years. Detailed quarterly balance of payments and international investment position (IIP) data are reported by the BOJ for publication in the Balance of Payments Statistics Yearbook (BOPSY) and the IFS. In September 2007, Jamaica reported for the first time IIP data to STA; annual IIP data since 2005 (quarterly since 2012) are available in BOPSY and IFS. Monthly data are reported for the balance sheet of the Bank of Jamaica and Other Depository Corporations with long lags Limited fiscal data for the budgetary central government and the National Insurance Fund has historically been reported by the MOF for inclusion in the Government Finance Statistics Yearbook and Database but efforts to improve the breadth and depth of these data have been hampered by lack of resources and staff changes at the Ministry of Finance and Public Services. |
|
Jamaica: Table of Common Indicators Required for Surveillance
(As of December 15, 2022)
Includes reserve assets pledged or otherwise encumbered, as well as net derivative positions.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
Selected public bodies are self-financed public entities.
Including currency and maturity composition.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).
Jamaica: Table of Common Indicators Required for Surveillance
(As of December 15, 2022)
| Date of Latest Observation | Date Received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | |
| Exchange Rates | 12/22 | 12/22 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 06/22 | 08/22 | M | M | M |
| Reserve/Base Money | 07/22 | 08/22 | M | M | M |
| Broad Money | 07/22 | 08/22 | M | M | M |
| Central Bank Balance Sheet | 07/22 | 08/22 | M | M | M |
| Consolidated Balance Sheet of the Banking System | 06/22 | 08/22 | M | M | M |
| Interest Rates2 | 12/22 | 12/22 | D | D | D |
| Consumer Price Index | 11/22 | 12/22 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3–Selected Public Bodies4 | 10/22 | 12/22 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3–Central Government | 10/22 | 12/22 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 10/22 | 12/22 | M | M | M |
| External Current Account Balance | Q2/2022 | 10/22 | Q | Q | Q |
| Exports and Imports of Goods and Services | 08/2022 | 12/22 | M | M | M |
| GDP/GNP | Q2/2022 | 09/22 | Q | Q | Q |
| Gross External Debt | 06/2022 | 10/22 | M | M | M |
| International Investment Position | Q2/2022 | 10/22 | Q | Q | Q |
Includes reserve assets pledged or otherwise encumbered, as well as net derivative positions.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
Selected public bodies are self-financed public entities.
Including currency and maturity composition.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).
Jamaica: Table of Common Indicators Required for Surveillance
(As of December 15, 2022)
| Date of Latest Observation | Date Received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | |
| Exchange Rates | 12/22 | 12/22 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 06/22 | 08/22 | M | M | M |
| Reserve/Base Money | 07/22 | 08/22 | M | M | M |
| Broad Money | 07/22 | 08/22 | M | M | M |
| Central Bank Balance Sheet | 07/22 | 08/22 | M | M | M |
| Consolidated Balance Sheet of the Banking System | 06/22 | 08/22 | M | M | M |
| Interest Rates2 | 12/22 | 12/22 | D | D | D |
| Consumer Price Index | 11/22 | 12/22 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3–Selected Public Bodies4 | 10/22 | 12/22 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3–Central Government | 10/22 | 12/22 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 10/22 | 12/22 | M | M | M |
| External Current Account Balance | Q2/2022 | 10/22 | Q | Q | Q |
| Exports and Imports of Goods and Services | 08/2022 | 12/22 | M | M | M |
| GDP/GNP | Q2/2022 | 09/22 | Q | Q | Q |
| Gross External Debt | 06/2022 | 10/22 | M | M | M |
| International Investment Position | Q2/2022 | 10/22 | Q | Q | Q |
Includes reserve assets pledged or otherwise encumbered, as well as net derivative positions.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
Selected public bodies are self-financed public entities.
Including currency and maturity composition.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).