Chart of the Week: Net International Reserves Down – October 2013

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Jamaica’s ‘national US$ dollar savings account’ balance declined by 21% or US$242.36M less when compared to October 2012’s US$1,132.79M. The Net International Reserves (NIR) for October 2013 is US$890.43M. This represents a 2% fall below September’s NIR US$910.14M and US$1,141.74M less than October 2011’s US$2,032.17M.

The NIR is a critical indicator in determining Jamaica’s ability to successfully complete the IMF four year programme. Important point to note: more than 50% of Jamaica’s historical agreement with the International Monetary Fund has ended by being cancelled or through the granting of a waiver, due to in the opinion of the IMF failure in part or entirely by Jamaica to meet the NIR targets.

An IMF team is currently on the Island to conduct the second quarterly review of the key quantitative targets under the programme. If you do not already know the targets, check them out here. Co-chairman of the Economic Programme Over-sight Committee (EPOC), Richard Byles has said that “(Jamaica) has surpassed all the key quantitative targets under the programme.” Read more here.

diGgers tell us in the comments section below How do you feel Jamaica is progressing under the four-year IMF agreement?