Public Debt Management Act to Be Amended

In a bid to better manage the nation’s public finances, Cabinet has given its approval for amendments to be made to the Act which provides the framework to deal with this subject.

Cabinet has given instructions to the Chief Parliamentary Counsel for the drafting of amendments to the Public Debt Management Act (PDMA), 2012 and its attendant regulations.

Making the disclosure at a Jamaica House media briefing on November 11, Minister with responsibility for Information, Senator the Hon. Sandrea Falconer, noted that the proposed amendments pertain primarily to clarifications, and greater details.

“They include requirements and operations to be put in a place in the event of the assumption of debt of public bodies, and the purposes for which loans may be raised, among others,” she said.

The Minister informed that a World Bank review in 2014 made institutional capacity building recommendations for the more efficient operations of the Act.

She noted that the PDMA, which is a coherent and comprehensive legislative framework, sets clear objectives for the management of the public debt, with established accountability, reporting requirements and other procedures.

“The proposed amendments will also make the PDMA consistent with international and local standards and conform to other pieces of legislation,” the Minister said.

The PDMA amendments form part of the Public Financial Management Reform, aimed at modernising  public financial management and administrative systems.

This should result in a more efficient and effective use of funds to deliver services to the public.