Jamaica: 2022 Article IV Consultation-Press Release; Staff Report and Staff Statement

February 10, 2023

Preview Citation

Format: Chicago

Jamaica: 2022 Article IV Consultation-Press Release; Staff Report and Staff Statement, (USA: International Monetary Fund, 2023) accessed December 22, 2024

Summary

The 2022 Article IV Consultation highlights that Jamaica has been buffeted by a difficult global environment—from coronavirus disease (COVID), the war in Ukraine, and the ongoing tightening of global financial conditions. The authorities provided targeted support to vulnerable households and firms during the pandemic but promptly scaled it back as conditions normalized. Similarly, in the wake of the war in Ukraine, domestic food and energy prices adjusted in line with shifts in international markets while targeted support was provided to the poor. Discussions focused on the prompt post-COVID fiscal consolidation and monetary policy tightening, which were instrumental to secure debt sustainability, respond to global shocks and aid the return of inflation to the target band. The IMF staff assess that maintaining high primary balances over the medium term remains important for debt sustainability. The Article IV consultation places a special focus on climate change. Despite contributing insignificantly to global greenhouse gas emissions, Jamaica’s geographical and socio-economic characteristics make the country vulnerable to climate events that are becoming larger and more frequent due to global warming.

Subject: Climate change, Economic and financial statistics, Environment, Expenditure, Government finance statistics, International organization, Monetary policy, Natural disasters, Public debt

Keywords: Bank financial system, BOJ executive, BOJ with the mandate, Caribbean, Climate change, Global, Government finance statistics, Head of the FSC, Natural disasters, Quarterly balance of payments, Securities dealer, Western Hemisphere

Publication Details

Pages:

93
Volume:

---
DOI:

---
Issue:

---
Series:

Country Report No. 2023/083
Stock No:

1JAMEA2023001
ISBN:

9798400233173
ISSN:

1934-7685

FACTSHEETS

RESOURCES

TOPICS

Flagship Publications

Other Publications

IMF reports and publications by country

Regional Offices

All News

See Also

For Journalists

Press Center

RESOURCES

FLAGSHIPS

KEY SERIES

IMF NOTES

IMF Staff Country Reports