The government is moving to establish a Fiscal Council that would be an independent public institution to promote sustainable public finances.
Finance Minister, Dr. Nigel Clarke, says international experts are to come to Jamaica starting next month to hold consultations with several stakeholders on the establishment of the Council.
He made the announcement at a Finance Ministry’s media conference earlier today.
Dr. Clarke also explained how the entity will be different from the Economic Programme Oversight Committee, EPOC.
Dr. Clarke says the Fiscal Council is to embody the principles of credibility, accountability and inclusivity.
The Finance Minister says the Council will steer the nation on a path of fiscal responsibility.
And, he says Cabinet has already given the idea its stamp of approval.
The Finance Minister also says the Council should keep citizens informed about the nation’s finances.
While noting that EPOC is a valuable entity, Dr Clarke says the Fiscal Council won’t have members who’re employed full-time to other institutions.
And, he says, the Fiscal Council, unlike EPOC, won’t be created just to monitor the government’s agreement with the International Monetary Find, IMF.
The Finance Minister says a distinctive attribute of the Fiscal Council will be its autonomy.
Dr. Clarke also says the Fiscal Council is to ensure there are no policy reversals.