Front Matter

IMF Country Report No. 22/44

Abstract

IMF Country Report No. 22/44

Copyright Page

IMF Country Report No. 22/44

JAMAICA

SELECTED ISSUES

February 2022

This Selected Issues paper on Jamaica was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on information available at the time it was completed on January 25, 2022.

The IMF’s transparency policy allows for the deletion of market-sensitive information and

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© 2022 International Monetary Fund

Title page

JAMAICA

SELECTED ISSUES

January 25, 2022

Approved By

Western Hemisphere Department

Prepared By Bas Bakker, Saji Thomas and Gonzalo Salinas (all WHD).

Contents

  • FISCAL STRATEGY FOR JAMAICA: REDUCING PUBLIC DEBT AND RESTORING FISCAL BUFFERS

  • A. Background—A History of Fiscal Crises, 1970–2009

  • B. The Great Adjustment During 2009–2019

  • C. The Covid Crisis and the Impact on Public Finances

  • D. Revenue System: History of Tax Reforms and Current Shortcomings

  • E. Expenditure Measures

  • F. Completing the Restoration of Fiscal Sustainability

  • G. Conclusion

  • References

  • APPENDIX

  • I. International Comparison of Main Taxes

  • FIGURES

  • 1. COVID-19 Infections and Death

  • 2. Investment and Infrastructure

  • 3. Efficiency of Expenditure in Health and Education

  • TABLES

  • 1. Fiscal Balances, FY 2010–2019

  • 2. Investment and Infrastructure

  • 3. Public Spending FY 2009/10–2020/21

  • REVERTING EXPORT STAGNATION IN JAMAICA

  • A. Introduction

  • B. Exports Developments: A Short History

  • C. Diversifying Into More Complex Sectors

  • D. Export Determinants in Jamaica

  • E. Conclusions

  • References

  • APPENDIX

  • I. Complexity Determinants

  • FIGURES

  • 1. Complex Exports Determinants and Comparators, 2017

  • 2. Education Indicators and Comparators

  • 3. Logistics Performance Indicators and Comparators

  • 4. Governance Subindices in and Comparators

  • TABLE

  • 1. Largest Complex Exports by Country in 2018

Jamaica: Selected Issues
Author: International Monetary Fund. Western Hemisphere Dept.