The International Monetary Fund (IMF) recently concluded its visit to Jamaica and reiterated its commitment to supporting both Jamaica and the region in their efforts to achieve “inclusive and resilient growth”. The visit was conducted by a team led by Christine Lagarde, Managing Director of the International Monetary Fund (IMF).
During the The Managing Director visit, she commended the Government’s effort to improve Jamaica’s economic outlook and highlighted the country as a leader in policy commitments. This, the Managing Director believes was driven by the, “support and sacrifice of the Jamaican people, important progress on macro-economic stability has been made over the past four years, under two different governments.” With prior hurdles passed over the years, the country is sure to embark upon new challenges. The Managing Director publicized the country’s immediate challenge of releasing scarce fiscal resources to enable growth friendly priority spending on security, education, health and infrastructure to generate opportunities for all.
To create more opportunities, according to Ms. Lagarde, “tough decisions” will have to be made to alter the size of the government workforce, rethink overall pay structure and refocus the public sector’s role and responsibilities. The issue of correspondent banking relationships with stakeholders was also discussed as the Managing Director indicated, “there is broad consensus that the situation has stabilized as a result of better communication, increased training, and consolidation of transactions. However, risks still remain and continued effort is needed to further advance AML/CFT regulatory reforms.”
In her closing statement, she stated, “I am impressed by the broad and sustained support that continues to underlie Jamaica’s economic reform efforts. The ongoing policy adjustments constitute an essential foundation for a better future and improved living standards for all Jamaicans.”
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