[{"bbox": [134, 154, 1133, 269], "category": "List-item", "text": "* The Executive Board also approved an arrangement under the Resilience and Sustainability Facility (RSF) for USD764 million (150% of quota) to strengthen physical and fiscal resilience to climate change, advance decarbonisation of the economy, and manage transition risks. The RSF is expected to catalyse funding for climate priorities from other official lenders and the private sector."}, {"bbox": [134, 271, 1133, 557], "category": "List-item", "text": "* Further to Jamaica's continued progress in policies supported by the PLL and RSF arrangements, the IMF concluded positively the first review of both programs on 31 August 2023. IMF Executive Board Concluded positively the Second Reviews of the Precautionary and Liquidity Line and the Resilience and Sustainability Facility Arrangements in March 2024. The review recognised Jamaica's strong policy frameworks and institutional reforms, which had led to substantial improvements in public debt, international reserves, and macroeconomic stability, and supported a post-pandemic rebound in growth alongside declining inflation and unemployment. Noting the strong program performance, they supported the completion of the second reviews of the Precautionary and Liquidity Line (PLL) and Resilience and Sustainability Facility (RSF) arrangements and the associated decisions. They agreed that Jamaica continues to meet the PLL qualification criteria."}, {"bbox": [97, 583, 1124, 634], "category": "Text", "text": "In conclusion, the authorities are pursuing a stability-oriented macroeconomic policy and the eligibility criterion is met."}, {"bbox": [85, 650, 437, 677], "category": "Section-header", "text": "### 2.3.3 Public Financial Management"}, {"bbox": [97, 692, 576, 719], "category": "Section-header", "text": "#### Summary Appraisal PFM Progress and Reforms"}, {"bbox": [97, 743, 1133, 798], "category": "Text", "text": "Jamaica has successfully implemented its PFM road Maps 2017/18-2020/21. Essential strides have been achieved during the last 7 years:"}, {"bbox": [171, 808, 1133, 1076], "category": "Text", "text": "(i) the Single Treasury Account is now effective, (ii) a major step towards digitalisation has been made with the finalisation of the Integrated Financial Management System (IFMIS); (iii) Credibility of Fiscal Strategy and Budget have significantly improved; (iv) annual financial statements are now comprehensive, annually audited by the Auditor General, approved by Parliament and published; (v) a Debt management committee is set up and reports now include all government guarantees/contingent and liabilities of Public Bodies; (vi) Medium Term Results Based Budgeting (MTRBB) is now effective; (vii) Budget Comprehensiveness and Transparency is now in line with international standards (Chart of Auditors, Documentation Access); (viii) the budget preparation cycle is now well structured and implemented (Policy-Based Planning & Budgeting (FPP, Budget Call, Calendar, MTRBB); (ix) Statutory and consolidated financial statements are now produced within legislated timelines."}, {"bbox": [97, 1086, 1019, 1114], "category": "Text", "text": "Jamaica continued progressing in reforming its Public Finance system over the last 12 months."}, {"bbox": [97, 1126, 581, 1153], "category": "Text", "text": "Main achievements since the previous disbursement:"}, {"bbox": [134, 1163, 1133, 1272], "category": "List-item", "text": "* **IMF PLL/RSF Programme:** Jamaica successfully signed and completed the first review under the IMF's PLL/RSF arrangements. It has demonstrated that it remains committed to macroeconomic stability and continues to strengthen its Public Finance Management frameworks which include an ambitious climate policy agenda."}, {"bbox": [134, 1271, 1133, 1351], "category": "List-item", "text": "* **PEFA:** One of the main pending commitments expected from Jamaica was a long due PEFA, further to the previous exercise in 2016. The PEFA has started on June 3, 2024 and is conducted by CARTAC. It is expected that a new PFM Road map will be formulated based on the PEFA."}, {"bbox": [134, 1350, 1133, 1537], "category": "List-item", "text": "* **Jamaica carried out a C-PIMA:** Main high-priority recommendations are (i) Improve the climate informed medium-term fiscal and budget framework to guide budget preparation, high priority; (ii) Strengthen the climate change strategic guidance of planning for capital budgeting, medium priority, (iii) Revise the framework for private and public bodies participation in climate smart infrastructure, medium/high priority; (iv) Enhance transparency on green and resilient investment projects in budget documentation, medium priority. These recommendations will be followed by the donors including the EU gathered into a sectoral group on Climate Finance."}, {"bbox": [134, 1535, 1133, 1617], "category": "List-item", "text": "* **Progress on the financial system oversight:** The adoption of Basel III standards and the expansion of the BOJ's supervisory authority are ongoing. The Ministry of Finance and the Central Bank are defining a roadmap to unify the framework for financial supervision. They intend to organize it under a \"twin peaks\""}, {"bbox": [1023, 1680, 1143, 1705], "category": "Page-footer", "text": "Page 11 of 32"}]