What Is EPOC? EPOC stands for Economic Programme Oversight Committee. The committee consists of persons from the private sector, the public sector and civil society. They receive and review information from the GOJ on the progress of implementation of the Memorandum of Economic and Financial Policies (MEFP) throughout the IMF’s Extended Fund Facility (EFF). The EPOC also assists in ensuring that agreed targets are achieved and advises the public of any concerns or developments through their monthly communiques.
Under Jamaica’s current EFF agreement there are 15 reviews of economic performance. Jamaica has already passed 12 of the 15 tests, with 3 remaining before the end of the agreement on April 30, 2017. The dates for the upcoming 3 reviews are:
- September 15, 2016
- December 15, 2016
- March 15, 2017
To this point, the IMF has disbursed SDR 530.41 million or approximately US$748.2 million to Jamaica. On successful completion of each of the upcoming three reviews, Jamaica will be eligible to draw down SDR 28.3 million or approximately US$39.9 million, for a total of US$120 million.
After the conclusion of the EFF agreement in April 2017, it is probable that Jamaica will enter into some form of successor agreement with the fund as the government of Jamaica began talks with the IMF about this possibility in July. Talks on the matter will continue in August 2016.
If you’re interested in reading any or all of the EPOC Communiques and IMF Trackers published since the beginning of the EFF agreement, visit our IMF Special page: