Government of Jamaica

Economic Management

The primary focus of this Division is to assist with prudent fiscal policy management and the provision of sound economic analysis to the Government for development programmes.

The primary objectives of the Division are to:

To formulate sound fiscal policy that will generate sustainable fiscal balances;
To effectively manage the public debt consistent with fiscal objectives and the attainment of a sustainable debt profile;
To effectively manage project loan / grant activities consistent with fiscal objectives;
To effectively manage Jamaica’s relationship with international and regional financial institutions;
Formulate and negotiate with Multilateral Financial Institutions (MFIs) a programme to address fiscal and debt sustainability;
Submission of proposal for a Fiscal Responsibility Act (FRA);
Effective management of the Economic Management Division

Mission Statement

To effectively manage the fiscal policy, formulate, and coordinate sound economic advice to Government.

Vision Statement

To achieve and maintain sustainable economic growth.

Services

Annual Report on Prior Year Debt Initiatives
Domestic Financial Market Meeting
Medium Term Debt Strategy (MTDS)
Public Debt Annual Report
Public Debt Risk Analysis
Quarterly Government Guaranteed Loans Report
Review Incoming Proposals
Technical Guidance to Public Bodies

Units and Sections

The Economic Management Division consists of four (4) units:

Fiscal Policy Management Unit

This unit formulates and manages fiscal policy consistent with the macroeconomic objectives.

Liaises with international and domestic institutions with regards to fiscal policy formulation and management.
Provides analyses and recommendations on fiscal and other macroeconomic issues
Monitors fiscal and other macroeconomic performance.
Provides advice on international economic issues as they relate to Jamaica or the Caribbean region.

International Financial Institutions Unit (IFI)

The IFI Unit monitors the activities of international, regional financial and trade institutions with which Jamaica maintains membership and also ensures the fulfillment of membership obligations while accessing the benefits accruing to membership.

Major functions include :

Preparing Cabinet Submissions, reports, researched position papers and Ministry responses on different matters pertaining to the International Institutions which impact Jamaica’s policy making processes; Summarizing and analyzing documents from these Institutions and providing advise on related matters.
Maintaining record of periodic payments made to International Financial Institutions and making requests for specific payments as well as annual projections for budgetary purposes;
Participating in the formulation of Jamaica’s policies and ensuring that the executive and legislative processes relating to the International Financial Institutions in which Jamaica has membership are in place for continued flow of benefits.

Loan Administration Monitoring and Disbursement Unit

Provides analyses relating to the negotiation of terms and conditions under multilateral and bilateral programmes.
Executes Loan and Grant Agreements on behalf of the Government of Jamaica.
Monitors conditions precedent to the disbursement of funds and other administrative matters relating to external loans (public, direct and guaranteed) and grants to the Government of Jamaica.
Monitors implementation of government projects, which are financed via external sources
Processing of disbursement requests under all externally funded projects.

Debt Management Branch (DMB)

The mandate of the DMB is to raise adequate levels of financing for the Government’s Budget at minimum costs. At the same time, the objective is to pursue strategies to ensure that the public debt progresses to and is maintained at sustainable levels over the medium term.

DMB’s main role: