Cover -- CONTENTS -- BACKGROUND AND RECENT DEVELOPMENTS -- POLICY DISCUSSIONS -- A. Overview -- B. Macroeconomic Framework -- C. Restoring Public Debt Sustainability and Strengthening the Public Finances -- D. Financial Sector Stability -- E. Monetary Policy and Exchange Rate Regime -- F. The Growth and Social Protection Agenda -- PROGRAM DESIGN, FINANCING AND RISKS -- G. Program Design -- H. Program Financing -- I. Risks to Program Implementation -- STAFF APPRAISAL -- BOXES -- 1. Details of the Debt Exchange -- 2. Financial Sector Impact of the Debt Exchange-Stress Testing Results -- FIGURES -- 1. Recent Economic Developments -- 2. Fiscal Developments -- 3. Financial Sector Developments -- 4. Public Debt -- TABLES -- 1. Selected Economic Indicators -- 2. Summary of Central Government Operations (In millions of Jamaican dollars) -- 3. Summary of Central Government Operations (In percent of GDP) -- 4. Operations of the Public Entities -- 5. Summary Balance of Payments -- 6. Summary Accounts of the Bank of Jamaica -- 7. Summary Monetary Survey -- 8. Structural Program Conditionalities -- 9. Quantative Performance Criteria -- 10. Indicators of Fund Credit -- 11. Schedule of Reviews and Purchases -- ANNEXES -- I. Exchange Rate Assessment -- II. External and Public Debt Sustainability -- DSA FIGURES -- 1. External Debt Sustainability: Bound Tests -- 2. Public Debt Sustainability Analysis--Bound Tests -- DSA TABLES -- 1. External Debt Sustainability Framework, 2006/07-2016/17 -- 2. Public Debt Sustainability Framework, 2006/07-2016/17 -- APPENDIX -- I. Letter of Intent -- Attachment 1. Memorandum of Economic and Financial Policies -- Attachment 2. Technical Memorandum of Understanding -- CONTENTS -- FUND RELATIONS -- RELATIONS WITH THE WORLD BANK -- RELATIONS WITH THE INTER-AMERICAN DEVELOPMENT BANK -- STATISTICAL ISSUES.