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Glossary

This page contains definitions of the Quantitative Performance Criteria (QPC) and Key Statistical/Economic Terms  that are relevant under the Extended Fund Facility arrangement.

 

Central Government Accumulation of Domestic Arrears

Central government domestic arrears include arrears on domestic central government direct debt, including to suppliers, and all recurrent and capital expenditure commitments. Domestic arrears are defined as payments to residents determined by contractual obligations that remain unpaid 90 days after the due date.


Central Governement Accumulation of Tax Refund Arrears

Tax refund arrears are defined as obligations on tax refunds in accordance with tax legislation that remain unpaid 90 days after the due date.


Central Government Direct Debt

Central government direct debt includes all domestic and external bonds and any other form of central governemtn debt, such as supplier loans. It excludes IMF debt.


Central Government Guaranteed Debt

Central government guarenteed debt does not cover loans to public entities from the PetroCaribe Development Fund. Net increase in central government guarenteed debt is calculated as issuance minus repayments of central government debt, in billions of Jamaican dollars, including domestic and external bonds, loans and all other types of debt. 


Central Government Primary Balance

The primary balance of the central government is defined as total revenues minus primary expenditure and covers non-interest government activities as specified in the budget.


Inflation 

Inflation is calculated as the change in the Consumer Price Index (CPI). CPI is defined by the Statistical Institute of Jamaica (STATIN) as a basket of goods typically purchased by the Jamaican consumer and can therefore be used as a reliable indicator of the movement of prices in Jamaican society.


Fiscal Year

The fiscal year starts on April 1 in each calendar year and ends on March 31 of the following year.


Net Domestic Assets

NDAs of the Bank of Jamaica (BOJ) are defined as the difference between the monetary base and NIR. The monetary base includes currency in the hands of the non-bank public plus vault cash held in the banking system, statutory cash reserve requirements against prescribed liabilities in Jamaican Dollars held by commenrcial banks at the Bank of Jamaica, and the current account of commercial banks comprising of credit balances held at the central bank.


Net International Reserves

NIRs of the Bank of Jamaica (BOJ)  are the U.S. dollar value of gross foreign assets of the BOJ minus gross foreign liabilities with maturity of less than one year.


Performance Criterion on Non-accumulation of External Debt Payments Arrears

The consolidated government and the BOJ will accumulate no external debt payment arrears during the programme period. For the purpose of this performance criterion, an external debt payment arrear will be defined as a payment by the consolidated government and the BOJ, which has not been made within seven days after falling due.


Public Sector

The public sector consists of the central government and public bodies. Public bodies are institutional units that are themselves government units or are controlled, directly or indirectly, by one or more governement units.


 

 

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