EPOC Cautiously Optimistic As Jamaica Hits Fiscal Targets And International Reserves Remain Strong

• The Economic Programme Oversight Committee met on December 4, 2020, to review the macro-fiscal program of the GOJ for 2020/21FY.
• Based on the reports presented by the Ministry of Finance and the Bank of Jamaica, the GOJ and the BOJ is on track to meet all quantitative targets under the GOJ Economic Reform Programme (ERP) as at the end of September 2020.
• With tax revenues, year to date is 17.6% behind the same period last year and as GDP growth projections are revised downwards, the MOF continues to project that Revenues and Grants for the last quarter of FY2020/21 will be 3.7% higher than the outturn for the corresponding quarter of FY2019/20 and is cautiously optimistic that this target will be achieved.
• The GOJ however remains committed to achieving the downward revised 3.1% primary balance target which could involve a reallocation and reduction of expenditures to achieve the said target

(Source: EPOC)