WATCHING OVER JAMAICA’S ECONOMY
THE ECONOMIC PROGRAMME OVERSIGHT COMMITTEE AND FINANCE MINISTER DR PETER PHILLIPS: FOR PUBLIC SERVICE
THE ECONOMIC Programme Oversight Committee (EPOC) was established in May 2013 following the International Monetary Fund’s (IMF) approval of Jamaica’s application for a four-year loan programme under the Extended Fund Facility (EFF). EPOC was set up by the finance and planning ministry, under the guidance of Dr Peter Phillips, as part of the Government’s commitment to transparency in the administration of the Economic Reform Programme (ERP), and to monitor its progress.
Abroad-based private sectordriven committee to provide oversight of policy implementation under the programme, EPOC is co-chaired by president and chief executive officer of Sagicor Life Jamaica, Richard Byles, and Bank of Jamaica Governor Brian Wynter. Other members include Financial Secretary Devon Rowe, as well as trade unions and financial institutions.
In monitoring the programme, the committee depends on the Government, especially technocrats in the Ministry of Finance and Planning, to provide it with relevant and timely data on the quantitative and policy targets so they are able to speak directly to the Jamaican people about actual and projected performance.
NEED FOR BOLD ACTIONS
The IMF agreement and the economic adjustments that it demands require the Government to undertake bold actions that lead to sustained macroeconomic stability and strong economic growth.
Ever since it issued its first communique, EPOC has tried to help to keep the Government honest in its implementation of the required reforms under the programme. With access to data in what appears to be a timely manner, among other things, EPOC has been helpful in other ways, such as identifying potential pitfalls regarding the reforms to be undertaken. EPOC’s official statements have all been issued by its non-public sector members, led by Byles, who has spoken often and has constantly pronounced on issues on which the public sector members might be inclined not to.
Byles has lauded the Government for its efforts in fulfilling a significant number of the conditionalities outlined under the EFF with the IMF.
“I think there is a quiet transformation that is occurring. I think that Government is, in many ways, putting its house in order, if we can measure that by how it is following meticulously all of the conditionalities of the IMF agreement,” Byles noted in early January.
So far, all the quantitative targets and structural benchmarks under the IMF programme have been met. In fact, the IMF team has noted that Jamaica’s initiative bodes well for the successful implementation of the terms under the loan agreement.
Overall, EPOC has been on target in its role to formulate, negotiate, initiate, and subsequently establish an oversight mechanism for the most important economic management framework for Jamaica, which is critical for the country’s future growth. For this, EPOC and Dr Peter Phillips are joint recipients of the 2013 Gleaner Honour Award for Public Service.
‘I think there is a quiet transformation that is occurring. I think that Government is, in many ways, putting its house in order, if we can measure that by how it is following meticulously all of the conditionalities of the IMF agreement.’ – Byles