Government Senator Donald Wehby wants the proposed independent Fiscal Council to be established “as quickly as possible”.
Senator Wehby made the call during the debate on the amendments to the Financial Administration and Audit Act (FAAA) in the Senate last Friday.
They amendments are aimed at, among other things, giving effect to the need to extend the legislated target date for reducing Jamaica’s debt to GDP (gross domestic product) to 60 per cent by two years, from March 31, 2026 to March 31, 2028.
He noted that two years ago, Minister of Finance and the Public Service Dr Nigel Clarke had proposed establishing an independent Fiscal Council to replace the current oversight body, the Economic Programme Oversight Committee (EPOC), which was established in 2013.
EPOC monitored the economic reform measures introduced under government’s stand-by agreement with the International Monetary Fund (IMF), which has ended.
“There was wide consultation with the private sector and with the Opposition, and also with the diplomatic community about the Fiscal Council. All I am saying is that this is a council that we should focus on establishing, as quickly as possible, by passing the necessary legislation,” Wehby said.
He said that no one could argue that the decision facing the current Government “is obviously not an easy one”.
Leave A Comment