The International Monetary Fund (IMF) has commended the Government for implementing measures that ensure good fiscal management.
This was highlighted in the staff concluding statement of the 2025 Article IV Mission to Jamaica, published yesterday.
The report comes at the end of meetings held, both physically in Kingston and virtually, with Jamaican officials, private sector, civil society and development partners from April 30 to May 7.
The IMF said over the last decade, Jamaica has successfully reduced its public debt, firmly anchored inflation and inflation expectations and strengthened its external position.
It said Jamaica built an enviable track record of investing in institutions and prioritizing macroeconomic stability.
The IMF noted that Jamaica met recent global shocks and natural disasters in a manner that is agile, prudent, and supportive of growth.
It noted that the Gross Domestic Product (GDP) declined in fiscal year 2024/25 due to Hurricane Beryl and Tropical Storm Raphael, which damaged agriculture and infrastructure and undermined tourism.
Nonetheless, economic activity is projected to normalize, as these effects wane.
The IMF acknowledged that unemployment fell to all-time low levels, at 3.7% in January, adding that inflation has converged to the Bank of Jamaica’s target band of 4 to 6%.
The current account has been in a modest surplus for the last two fiscal years, with strong tourism revenues and high remittances.
It added that the international reserves’ position has continued to improve.
