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Jamaica: 2016 Article IV Consultation, Eleventh and Twelfth Reviews Under the Extended Fund Facility and Request for Modification of Performance Criteria—Staff Report
Summary:Jamaica is implementing an economic reform program that has been supported by the IMF’s Extended Fund Facility since May 2013. Significant strides have been made in restoring macroeconomic stability, pursuing prudent fiscal policy, reducing public debt and undertaking significant reforms in tax policy, financial sector resilience, and structural issues. Meanwhile, in the February 25 general elections, the Jamaica Labor Party (JLP) narrowly won, defeating the incumbent People’s National Party (PNP). Prime Minister Holness has reiterated his government’s commitment to the EFF-supported program, including continued fiscal consolidation, evidenced by the primary surplus target of 7 percent of GDP in the budget for FY16/17.
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