Jamaica Achieving Progress Not Witnessed Since Global Recession – IMF
The International Monetary Fund (IMF) recently lauded Jamaica’s phased reform of the personal income tax stating that it is a bold step to rebalance the tax system towards indirect taxation.
On Friday the IMF also revealed that the Jamaican Government achieved all its budgeted tax revenue targets for the first time since the recession just under a decade ago.
The disclosure followed shortly after the IMF confirmed that Jamaica passed its 11th and 12th tests that fall under the extended fund facility agreement.
While speaking at a media conference, IMF mission chief Dr. Uma Ramakrishnan said all quantitative performance targets have been met.
Dr. Ramakrishnan stated:
“The programme remains on track. All quantitative performance criteria for end December 2015 and end March 2016 were met. Tax revenues reached the budget target for the first time since the global financial crisis in 2007.”
“The central government primary surplus for FY15-16 slightly exceeded the programme target of 7 and a quarter percent of GDP. Capital expenditures accelerated during December to March fully utilising the additional fiscal space for growth enhancing capital spending that was approved at the tenth review.”
Dr. Ramakrishnan also added that the key indicators for a turn around in the country’s economy are moving in the right direction.
The IMF team has departed the island and is expected to present its findings to the Board of the Washington based multilateral next month.
Source: Nationwide
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