IMF concludes Jamaica’s 2018 financial system stability assessment

IMF Executive Board

WASHINGTON, USA — On November 5, 2018, the executive board of the International Monetary Fund (IMF) concluded the IMF’s latest financial system stability assessment (FSSA) of Jamaica.

The financial sector has significantly expanded since the last FSSA in 2006. Financial sector assets now stand at about 180 percent of GDP. The financial sector is dominated by large and complex financial conglomerates that span many activities, including banking, insurance, pension fund management, and collective investment fund management.

Since the 2006 FSSA, the authorities have considerably strengthened macroeconomic policies, including under IMF-supported programs. Decades of high fiscal deficits, combined with the financial sector crisis of the late 1990s, had led…

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