Government To Table More Legislation To Improve Economy

Governor-General, His Excellency the Most Hon. Sir Patrick Allen, says the Government will be tabling several additional key pieces of legislation during the 2020/21 parliamentary year to further improve Jamaica’s economy.

These include an Act to Establish an Independent Fiscal Council; the Pension Superannuation Fund and Retirement Schemes Amendment Bill; and Amendment to the Financial Services Commission Act.

Details were provided in the Throne Speech delivered by the Governor-General during the 2020/21 Ceremonial Opening of Parliament at Gordon House, on Tuesday (February 11).

The Governor-General said the Act to Establish an Independent Fiscal Council is intended to strengthen Jamaica’s fiscal responsibility regime, while the Pension Superannuation Fund and Retirement Schemes Amendment Bill represents the second phase of private pension reform to deal with portability, vesting, and participation in multiple schemes.

He further informed that Amendment to the Financial Services Commission Act will facilitate consolidated supervision for non-deposit-taking groups, adding that these will build on work done during the 2019/20 legislative year.

Meanwhile, the Governor-General advised that the Microcredit Bill, which was tabled last year, will be amended to take into account feedback from stakeholder consultations.

Additionally, he said the Bank of Jamaica’s modernisation is being advanced through a ‘Bill to Amend the Bank of Jamaica Act’, while noting that the Government will be maintaining focus on modernising the Jamaica Customs Agency by advancing the Customs Act.

Meanwhile, the Governor-General highlighted the successful conclusion of Jamaica’s three-year Precautionary Stand-By Arrangement with the International Monetary Fund (IMF), pointing out that the Government met all structural benchmarks, quantitative performance criteria and indicative targets.

He said the achievement of several years of record-low inflation and interest rates, net international reserves in excess of US$3 billion, upgraded international agency ratings, heightened business and consumer confidence, and having a top-performing global stock market suggest that “economic independence is no longer a dream… it is becoming a reality”.

“Our economic achievements, based on where we are coming from, have been nothing short of extraordinary and have been recognised globally,” the Governor-General added.

The Throne Speech was based on the theme ‘Towards a Decade of Growth to Anchor our Peace and Prosperity’.