[{"bbox": [171, 153, 1133, 204], "category": "Text", "text": "regime. The roadmap for the unification is being finalized with capacity development support from the Fund and the World Bank."}, {"bbox": [136, 206, 717, 233], "category": "List-item", "text": "✓ **Climate PFM progressed** under the impulsion of the IMF:"}, {"bbox": [210, 233, 1133, 312], "category": "List-item", "text": "  * Following the approval of amendments to the policy framework for public private partnerships, Jamaica is working on a methodology to conduct climate impact assessment of investment projects and defining project selection criteria that will encompass climate consideration."}, {"bbox": [210, 313, 1133, 389], "category": "List-item", "text": "  * The National Natural Disaster Risk Financing Policy has been adopted and amendments to the Financial Administration and Audit Act are being prepared to establish the National Natural Disaster Reserve Fund"}, {"bbox": [210, 392, 1133, 445], "category": "List-item", "text": "  * Jamaica is also working, with IMF capacity development support, to develop methodologies for climate-related fiscal risks analysis."}, {"bbox": [136, 444, 1133, 630], "category": "List-item", "text": "✓ **Strengthening Data Adequacy:** (i) a roadmap with action plan was developed to improve data adequacy. To facilitate the plan, STATIN will present a restructuring plan to the MOFPS by end-December 2023 - to facilitate its implementation during FY2024/25. (ii) Jamaica has also established a compilation and dissemination of data for general government operations on the National Summary Data Page (NSDP) for fiscal years 2021/22 and 2022/23 (end-March 2024); and (iii) conducting of the Non-Financial Corporation Survey by the BOJ to obtain data for Direct Investment Intercompany Lending positions for each quarter of 2023 to improve external sector data."}, {"bbox": [136, 630, 1133, 893], "category": "List-item", "text": "✓ **Transparency, accountability and control of public bodies' financial management.** The MoF is cognisant that operations of public bodies pose a risk to the Central Government budget to the extent that these entities are unable to service debt, whether government guaranteed or otherwise, cover their operating expenses or satisfy their investment needs. The government has over the last month reinforced its implementation of the Public Bodies Management and Accountability (PBMA) Act, where public bodies may only access loans with the approval of the GOJ. The Public Debt Management Act (PDMA) legislates, among other targets, that government guaranteed loans (GGLs) should be no more than 3.0% of GDP at end- FY 2026/27. Consequently, the GOJ actively monitors the trajectory of the GGLs-to-GDP ratio to determine its capacity to guarantee public bodies' debt without compromising the targets established in the PDMA."}, {"bbox": [136, 894, 1133, 1160], "category": "List-item", "text": "✓ **Anti-Money Laundering: Jamaica remain under increased monitoring by FATF where three action items (two at IO 5 \"beneficial ownership\" and one at IO 3 \"supervision\") were not (largely) addressed.** Further strengthening of the AML/CFT framework is however ongoing, and authorities have made progress in implementing the Action Plan agreed to with FATF. Parliament approved amendments to the Companies Act, which: (i) make the definition of beneficial ownership (BO) consistent with FATF standards; (ii) introduce sanctions for breaching basic and BO obligations; and (iii) grant the Registrar of Companies powers to ensure compliance. Pending issues include: (i) the application of the beneficial ownership provisions approved by parliament, which depends on the reporting schedule of corporations; (ii) making the BO registry more comprehensive and effective; and (iii) applying due process to complete implementation of the RBS framework for TCSPs."}, {"bbox": [136, 1160, 1133, 1214], "category": "List-item", "text": "✓ **Delisted from Non Cooperative Tax Jurisdiction:** Together with two other countries Jamaica was delisted from Annex II further to completion of criterion regarding exchange of tax information on request."}, {"bbox": [97, 1240, 660, 1267], "category": "Text", "text": "Main room for improvement are identified in the fields of:"}, {"bbox": [136, 1280, 568, 1305], "category": "List-item", "text": "- Procurement (thresholds and digitalisation)"}, {"bbox": [136, 1306, 986, 1332], "category": "List-item", "text": "- Modernizing customs administration, improving trade facilitation and revenue collection."}, {"bbox": [136, 1332, 637, 1358], "category": "List-item", "text": "- Control, divestment and oversight of public bodies"}, {"bbox": [136, 1359, 854, 1385], "category": "List-item", "text": "- Continuing digitalisation and integration of all digital platform into IFMIS"}, {"bbox": [136, 1385, 566, 1411], "category": "List-item", "text": "- Implementation of auditor general findings"}, {"bbox": [136, 1412, 454, 1438], "category": "List-item", "text": "- Improving the PPP framework"}, {"bbox": [97, 1478, 488, 1504], "category": "Section-header", "text": "**Political buy-in and Donor coordination**"}, {"bbox": [97, 1517, 1133, 1624], "category": "Text", "text": "During the past years, Jamaica proved a remarkable record in implementing structural reforms. Political buy-in was essential and made the difference in transitioning Jamaica from close to bankruptcy in 2013 to enjoying a Fiscal surplus in 2017. Since 2021 however, after the IMF COVID Support, Jamaica was left without any structural programmes with Donors, other than EU Budget supports. BW, IDB and IMF were no longer providing Budget"}, {"bbox": [1023, 1680, 1143, 1706], "category": "Page-footer", "text": "Page 12 of 32"}]