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Cover page

Table of Contents

Executive Summary

I. Perspective and Background

A. Brief Perspective
B. Background

11. Recent Economic Developments

A. Public Finances
B. External
C. Financial Sector

III. Report on Discussions

A. Prospects for FY 2003/04
B. Fiscal Policy
C. Monetary and Exchange Rate Policies.
D. Other Issues

IV. Medium-Term Issues

A. Structural Reforms and Growth
B. Medium-Term Outlook

V. Staff Appraisal

Boxes

1. Key Facts of Jamaica Public Sector Debt   [p9]
2. Growth and Competitiveness: World Bank and IDB Views  [p20]
3. Sustainability of Public Debt   [p23]

Figures

1 . GDP Growth and Inflation  [p5]
2. Exchange Rate Developments   [p5]
3. Public Sector Balance   [p8]
4. External Sector   [p10]
5. Blended Spread on Government of Jamaica's International Bonds  [p10]
6. Interest Rates   [p11]
7. Exchange Rate   [p12]

Tables

1. Selected Economic Issues and Financial Indicators  [p26]
2. Quantitative Targets and Outtum for Key Variables in
the Staff-Monitored Program for Fiscal Year 2002/03   [p 28]
3. Summary of Public Sector Operations   [p 29]
4. Non Financial Public Sector Debt   [p 30]
5. External Public Debt Outstanding   [p 31]
6. Summary Balance of Payments   [p 32]
7. Summary Monetary Indicators   [p 33]
8. Domestic Interest Rates and Yields on GOJ Global Bonds   [p 34]
9. Financing of the Central Government Budget   [p 35]
10. Debt Stabilizing Surplus-At Debt Ratio of 150 Percent [p 36]
11. Medium-Term Projections Under Alternative Scenarios [p 37]
12. Indicators of Macroeconomic and Liquidity Risks [p 38]
13. Selected Vulnerability Indicators [p 39]

Appendices

I. Fund Relations   [p 40]
II. Statistical Issues   [p 42]
III. Relations with the World Bank Group   [p 45]
IV. Relations with the Inter-American Development Bank   [p 50]
V. Relations with the Caribbean Development Bank   [p 51]

Annexes

I. Review of Performance Under the Staff-Monitored Program (SMP)   [p 53]
II. Public Sector Debt Sustainability   [p 55]