Jamaica Chamber of Commerce (JCC) has welcomed the advisory by the International Monetary Fund (IMF) that the agency has agreed to relax the Primary Surplus Target under the Extended Fund Facility.

President, Warren McDonald states that some months ago the JCC had called for just such a relaxation, arguing that the nation’s scope for economic growth was being constrained by the requirement of a Primary Surplus of 7.25% of Gross Domestic Product (GDP).

JCC President, Warren McDonald

While he says the business community will be very interested in seeing what the new targets will be, its maintenance is one of the contributors to the fact that the country’s minimal growth expectations are not being achieved.

Mr McDonald argues that all of the nation’s donors have now come around to the view that the current regime is not growth-supportive.

He asserts that the discipline characterising the current fiscal and monetary management has been positive for the country.

However, the JCC President says without growth, it will be an empty and self-defeating exercise.