Jamaica on target ahead of IMF talks

Debbie-Ann Wright, News Editor
The Gleaner/Power 106 News Centre

Finance Minister, Dr. Peter Phillips, has declared that the Jamaican economy is performing better than targeted ahead of next week’s talks with the International Monetary Fund (IMF).

A team from the IMF is set to arrive in the island over the weekend, to begin talks on a new economic programme with Jamaica on Monday.

Dr. Phillips told a post Cabinet press briefing today that the six per cent of GDP primary surplus target set in the budget has been exceeded.

Dr. Phillips noted that though revenues appear to be about one per cent short of target, he believes this is because of an error in the measurements.

Dr. Phillips said he expects the figures to be on target when a review is done.

In the meantime, the finance minister is commending public sector unions for their cooperation, as the government seeks to contain expenditure on wages, which is a requirement for going forward with a new IMF deal.

He said he will be meeting with union leaders this week, ahead of the talks with the IMF representatives.

This week, the government removed 3,000 posts from the public service, and Dr. Phillips said more jobs will be cut before the end of the year.

The IMF team will be in the island until October 5.

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