Jamaica

This paper reviews the Interim Staff Report Under Intensified Surveillance for Jamaica. The authorities have reaffirmed their objective of balancing the budget in FY 2005/06, while recognizing that this now poses a greater challenge. The IMF staff now estimates that measures in the range of 2.5–3.0 percent of GDP would be required to meet this goal, compared with the IMF staff’s estimate of 1.7 percent of GDP at the time of the 2004 Article IV consultation. The room to maneuver in monetary and exchange rate policy remains constrained by the debt overhang.Bank accounting;Economic indicators;Enhanced surveillance;Public debt;current account, budget balance, current account deficit, debt ratio, budget deficit, tax reform, fiscal adjustment, currency debt, budget surplus, primary budget surplus, external debt, budget expenditure, domestic debt, primary expenditure, debt burden, domestic currency, fiscal targets, government deficit, fiscal consolidation, central bank, debt service, tax revenue, debt dynamics, government debt, balance of payments, fiscal position, foreign currency debt, debt stock, fiscal balance, current account balance, tax system, debt reduction, fiscal policy, external financing, revenue collection, external borrowing, net debt, tax policy, debt obligations, capital expenditure, expenditure restraint, sovereign debt, fiscal measures, fiscal tightening, external debt service, debt sustainability, debt overhang, debt-service, private creditors, government expenditure, fiscal performance, fiscal impact, debt from private creditors, debt management, fiscal operations, sovereign bonds, private sector debt, primary fiscal balance, general resources account, short-term debt, official creditors, domestic financing, fiscal outlook, debt from official creditors, repayments, market debt, fiscal objectives, fiscal deficit, debt sustainability analysis, fiscal program, primary expenditure restraint