Senate Passes Legislation to Establish Independent Fiscal Commission

The Senate on Friday (February 12), approved legislation that will establish the Independent Fiscal Commission.

Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Senator the Hon. Aubyn Hill, piloted the Independent Fiscal Commission Act, 2020  which provides for the body’s establishment.

Senator Hill noted that the Independent Fiscal Commission will serve to strengthen Jamaica’s fiscal responsibility framework; and promote sound fiscal policy and fiscal management in an effort to sustain fiscal discipline, and macro-economic stability.

“The Independent Fiscal Commission’s mandate, is to provide the public with an informed and independent opinion on the soundness and sustainability of Jamaica’s fiscal policies and positions in keeping with Jamaica’s fiscal responsibility framework,” he informed.

He further pointed out that the Commission will be an institution that is “exclusively dedicated to being the guardian, interpreter and arbiter of Jamaica’s fiscal rules – that is the only thing it will do”.

Senator Hill noted that it will monitor compliance with Jamaica’s fiscal rules; it will keep the public informed on economic matters according to a scheduled calendar; and it will provide independent analysis on fiscal policy developments.

“Jamaica’s Independent Fiscal Commission will embody the principles of credibility, accountability, transparency, inclusiveness, ownership and permanence which will help Jamaica maintain a path of prudence while enhancing our Jamaican economic independence,” he said.

Through this body, the Government seeks to institutionalise around the principles of enhancing accountability of the policymaking process, a continuous deepening the transparency of the government finances, strengthening the credibility of government’s fiscal path, promoting inclusiveness in the policy discussion space, and importantly, taking greater societal ownership of Jamaica’s economic direction.