On 11 November 2016 the IMF issued a press release in connection with the approval of a stand-by arrangement to support the continued economic reform agenda in Jamaica.

The IMF commented that macroeconomic stability has been achieved with low inflation, higher currency reserves and a reduction of the current account deficit. However economic growth is still low while poverty and unemployment are high. Under the reform program fiscal discipline and public debt reduction will continue while public sector reform will aim to increase allocation towards infrastructure, social protection, security and public services.

The IMF notes that there has been an ongoing shift from direct to indirect taxes and this will result in a broadened tax base and improved efficiency of the tax system. The rebalancing of the tax system towards indirect taxes is included as one of the economic reform program objectives and is considered by the IMF to be an integral part of the reforms to support growth, jobs and social protection.