Above: Kingston (CJ Photo)

By the Caribbean Journal staff

Jamaica is “confident” that it will pass the first quarterly test under its Extended Fund Facility Agreement with the International Monetary Fund, according to Minister Horace Dalley.

The country’s first quarterly test took place June 30.

Dalley, the Minister without portfolio in the Ministry of Finance, said the government was certain of success because Jamaica has been faithful to the programme and the Government has led to ensure that the June 30 targets were met and that the country suffered no reversals.”

He said Jamaica had embarked on an economic programme supported by four pillars: “fiscal consolidation and debt sustainability to engender a stable and resilient macro-economy; monetary and financial system stability; structural reforms to strengthen productivity and competitiveness; and strengthened social stability to protect the most vulnerable.”

“More specifically, collection of revenue is above target and expenditure for the two-month period is slightly less than budgeted,” he said. “The expenditure was J$60.3 billion, which was $0.7 billion less than budgeted.”