Jamaica is one step closer to an Independent Fiscal Commission after the senate last week passed the legislation in the Upper House.
Government Senator, Aubyn Hill took charge of the legislation in the Senate.
The move will empower the soon-to-be-established Commission, to ensure that Government’s policy commitments are consistent with the Fiscal Responsibility Law and that policymaking can continue to be dynamic.
The Commission will be the final arbiter of Jamaica’s Fiscal Rules that stipulate, among other things, a debt-reduction target of 60 per cent of GDP by financial year 2027-28.
Senator Hill says the bill forms part of a suite of legislation responding to the country’s fiscal needs due to the COVID-19 Pandemic.
He says the country requires a fit for purpose body to guide it through its COVID-19 recovery.
Aubyn Hill, Minister without Portfolio in the Ministry of Economic Growth and Job Creation.