Finance Minister tables bill to establish Independent Fiscal Commission
Published:Tuesday | December 1, 2020 | 8:30 PM
Romario Scott/Gleaner Writer
Finance Minister Dr Nigel Clarke on Tuesday tabled a bill to establish the long awaited Independent Fiscal Commission (IFC).
The commission will replace the Economic Programme Oversight Committee, which was established in 2013 to monitor the implementation of Jamaica's economic reform measures under its agreement with the International Monetary Fund.
This was previously proposed a fiscal council by the finance minister to promote fiscal transparency and strengthen Jamaica's fiscal responsibility framework.
Clarke said the fiscal commission was a necessity as the country pursues economic independence.
"The fiscal commission will be the guardian and interpreter of Jamaica's fiscal rules," said Clarke.
It will also monitor compliance of the fiscal rules, report on fiscal outcomes and keep the public informed by providing independent analysis on fiscal policy developments.
“Much of this rests on ensuring the continued existence of a credible fiscal path, that both supports economic recovery and retains debt sustainability,” Clarke told the House of Representatives.
He said that the commission will be the guardian and interpreter of Jamaica's fiscal rules, monitor compliance with these rules, report on fiscal outcomes and keep the public informed by providing independent analysis on fiscal policy developments.
Economist Dr Damien King has hailed the move.
“The finance minister continues not only to maintain sound fiscal policy, but far more importantly, to establish the institutional foundations of sound policy beyond this term of office,” King wrote on Twitter yesterday in reaction to the tabling of the bill.
Clarke said the final accounts are tracking ahead of the supplementary budget for the first seven months.
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