(Jamaica Observer) The International Monetary Fund (IMF) mission team to Jamaica says that steadfast implementation of the Government’s reform programme will be essential for continued macroeconomic stability, growth and job creation.
In a statement on the visit of the team, which arrived here on February 20 and left on March 3, Mission Chief Uma Ramakrishnan said: “This will require a sustained, multi-year focus on improving public sector efficiency and maintaining the Government’s wage bill on a firm, downward path.
“Next steps include passing the pension Bill and rolling out an early retirement programme, finalising the medium-term compensation policy for government workers, consolidating public bodies and accelerating the introduction of the human resources software.
“Further, enhancing financial sector supervision and crisis preparedness, including through the adoption of a robust crisis resolution framework, are near-term priorities. Increasing the operational autonomy and accountability of the Bank of Jamaica (BOJ) and improving the ways in which it interacts in the currency markets to make those interactions more efficient and more market-based will support the intended transition to an inflation-targeting framework for monetary policy.”