IMF Financial System Stability Assessment
• The IMF released its 2018 Financial System Stability Assessment (FSSA) report for Jamaica which underscored the importance of work being done to further strengthen and enhance the financial system’s regulatory framework and resiliency.
• This includes ongoing roll-out of risk-based supervision by the Bank of Jamaica and the Financial Services Commission, strengthening of the macroprudential framework, and development of a special resolution regime for financial institutions.
The FSSA is the outcome of the Financial Sector Assessment Programme (FSAP) review conducted for Jamaica earlier in the year. An FSAP is a comprehensive and in-depth analysis of a country’s financial sector jointly conducted by the IMF and World Bank for all countries.
Medium-Term Socio-Economic Policy Framework (MTF)
• The fourth MTF, which underpins the implementation of Vision 2030 Jamaica has been completed. The three-year framework, covering 2018 to 2021, will consolidate the National Development Plan’s gains recorded in previous MTFs spanning 2009 to 2018.
National Disaster Risk Financing Policy
• Cabinet approved development of the Policy, which is expected to create greater transparency and efficiency in mobilising and executing public expenditure for disaster risk management.
• Jamaica and the Republic of Italy signed an agreement for the elimination of double taxation with respect to taxes on income and the prevention of tax evasion and avoidance.
Investment Management Review Commission
• The Investment Management Review Commission has been established to review the National Insurance Fund (NIF) Investment Management Governance Framework, bench-marked against international best practices for State pension funds. The Commission, which comprises persons from various backgrounds and expertise, will provide advice that ensures the NIF benefits from international best practices of fund management regarding disclosure, diversification, asset allocation, governance and investment management practices.