Jamaica clears first-year IMF hurdle

Jamaica has met - and in some cases surpassed - key fiscal and monetary targets under its agreement with the International Monetary Fund (IMF), paving the way for a successful first year under the four-year extended fund facility.

Richard Byles, co-chairman of the Economic Programme Oversight Committee, addressing a news briefing yesterday, said "the way is clear" for an IMF staff mission, now in Jamaica undertaking the fourth-quarter review under the programme, to make a positive recommendation to the Fund's executive board.

The primary balance and net international reserves surpassed their targets for fiscal year 2013-2014, but while tax revenue grew year-on-year, it fell short of the target.