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International Monetary Fund. Asia and Pacific Dept

Singapore need to promote interoperability, efficiency and security, and access across market segments and demographics. To further decrease the use of cash, policies to enhance e-payment infrastructure could specifically include: Building an inclusive e-payment infrastructure . Older and poorer part of the population often have less access to e-payment services. To foster greater use of e-payments, it will be imperative to ensure basic digital skills and enhance financial literacy in these segments of the population. Building on the strong increase in the use of e

International Monetary Fund. Asia and Pacific Dept

digitalization, the interest rate (the cost of holding cash) and macroeconomic uncertainty are not significant explanatory variables. 4. The government aims to increase the use of e-payments . To further enhance the e-payments infrastructure, policies include: (i) building an inclusive e-payment infrastructure to ensure vulnerable segments of the population have access to e-payments services; (ii) introducing common standards to provide interoperability and competition; and (iii) collaboration among policy makers, both domestically and internationally. Appendix X

International Monetary Fund. Asia and Pacific Dept
Singapore entered the COVID-19 pandemic with sizable policy space and robust economic policy frameworks, yet facing longer-term challenges. The economy has been severely impacted by the pandemic, but a bold, comprehensive, and coordinated policy package has helped cushion the economic fallout. Following a record contraction in the first half of 2020, activity has rebounded, and growth is projected to strengthen to 6 percent in 2021, underpinned by a recovery in domestic demand and a positive contribution from net exports. The uncertainty surrounding the outlook is larger than usual.

cash. 3. This appendix briefly reviews the rise of e-payments in Malaysia and analyzes how e-payment methods and cash have fared during the pandemic . The strict movement control order (MCO) 3 to curb the virus spread prevented many customers from physically visiting stores, shifting activity to online channels while using cash to make purchases remotely became relatively more difficult. The next section discusses existing e-payments infrastructure in Malaysia and government support to encourage digital solutions. The following section analyzes payments system use

International Monetary Fund. Asia and Pacific Dept
Malaysia entered the pandemic from a robust economic position but has nonetheless been significantly affected. A synchronous fiscal, monetary and financial policy response has helped cushion the economic impact. As a result, after a deep recession in 2020, and assuming the pandemic is brought under control in Malaysia and globally, growth would rebound to 6.5 percent in 2021 as supply side constraints are lifted and domestic and external demand recover. Large downside risks will remain.
International Monetary Fund. Western Hemisphere Dept.
This paper aims to discuss the economic reform program in Jamaica that focuses on reducing macroeconomic vulnerabilities, fostering growth, creating conditions for financial deepening and inclusion, reallocating public resources to maximize economic returns, and improving competitiveness. After three years of difficult economic reforms, inflation is at historical lows, current account deficit has more than halved, net international reserves have doubled, and access to domestic and international financial markets has been restored, supported by upgrades in credit ratings and historically high business confidence indicators. Comprehensive reforms in tax policy and administration have been and continue to be undertaken, while strict adherence to fiscal discipline have helped place debt on a downward trajectory.
International Monetary Fund. Western Hemisphere Dept.

titling, limit credit to a small portion of asset owners. The ongoing expansion of the partial credit guarantee of the Development Bank of Jamaica is a useful step to improve MSME lending. Expanding the use and reach of e-payment infrastructure, including by its use by the government to distribute social security payments, would help lower financial services costs. D. Fostering Diversification and Competitiveness 11. Jamaica has experienced limited domestic production diversification and losses in market share . As a small open economy, Jamaica’s growth is