IMF Continues to Praise Jamaica’s ‘Robust’ Macroeconomic Performance

The executive board of the International Monetary Fund, IMF, continues to commend Jamaica for its robust macroeconomic performance and institutional reforms over the past decade.

This following the conclusion of the IMF’s latest Article Four Consultation on June 12.

Daina Davy reports.

In its assessment published on Wednesday, the IMF highlighted Jamaica’s impressive track record of reducing public debt, stabilising inflation, improving its external position, and building resilience to economic shocks.

These achievements, the Fund noted, enabled the country to respond with agility and prudence to recent global headwinds and natural disasters, including Hurricane Beryl and Tropical Storm Raphael.

These storms significantly impacted agriculture, infrastructure, and tourism during the last fiscal year.

Despite these challenges, the IMF projects a normalisation of economic activity, with GDP expected to recover in this financial year and settle at its potential growth rate.

The Fund notes that unemployment reached a historic low of 3.7 per cent in January 2025, while inflation remained within the Bank of Jamaica’s target band of 4 to 6 per cent.

Strong tourism receipts and high remittance inflows also helped maintain a current account surplus and contributed to an improved international reserves position.

The IMF executive directors endorsed its staff appraisal, praising the Jamaican authorities for maintaining sound macroeconomic policies and enhancing fiscal responsibility.

They cited recent reforms to public sector compensation, tax and customs administration, and financial oversight, along with the country’s proactive approach to climate resilience, as other areas of praise.