The International Monetary Fund (IMF) mission team is supporting government’s move, to establish a Fiscal Council.

Fiscal councils are permanent, independent, non-partisan institutions that are created by legislation and staffed by competent, experienced and technically proficient persons, who help to promote economically sustainable fiscal policies across political cycles.

The International Monetary Fund staff team led by Uma Ramakrishnan visited Kingston from June 11 to 15, to take stock of progress on Jamaica’s economic reform program, supported by the IMF’s precautionary stand-by arrangement.

In a statement this afternoon, Ms. Ramakrishnan says, the team welcomes Jamaica’s initiative to further entrench fiscal sustainability, by developing an independent fiscal council and a public financial management strategy for natural disasters.

The statement from the mission team also noted, that economic progress is reflected in high employment levels, an 11 year low unemployment rate, and significantly lower poverty rate.

It says the central government primary surplus was 7.7% of GDP in finical year 2017/2018, exceeding the budget target by 0.7% points of GDP.

It stressed the importance of using the window of the 4 year wage agreement, to overhaul the public sector’s compensation structure.