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Fiscal Condition of Government at the time of Covid and Volcanic Eruptions

FISCAL CONDITION OF GOVERNMENT AT THE TIME OF COVID AND VOLCANIC ERUPTIONS (JANUARY 1ST TO AUGUST 31ST, 2021)   BY THE HON. RALPH E. GONSALVES September 15, 2021   THE ISSUE The state of the central government’s finances “the fiscal condition” is of concern to every person in St. Vincent and the Grenadines.  If the government’s finances are in disarray, several adverse consequences are probable, including:  Retardation of … ....

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Nigel Clarke | Building institutions for the future – Part II - An independent fiscal commission


Last week, I wrote about the importance of entrenching macroeconomic stability by complementing its achievement with the building of institutions that can preserve and maintain this stability. I elaborated on the historic enactment of the Bank of Jamaica Amendment Act, which creates an independent central bank with an explicit mandate for price stability, within an accountable, transparent, and robust governance framework.
Even in the midst of the pandemic, we are looking ahead, building economic institutions with the conviction that, in the long run, credible, durable, accountable, transparent and robust institutions make the difference in the economic development process.
My focus this week is on the legislation recently tabled for the creation of the Independent Fiscal Commission. The policy and legislation benefited from local stakeholder consultations in addition to technical advice and support from Jamaica’s multilateral and bilateral partners. ....

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Nigel Clarke|Building institutions for the future – Part I - An independent central bank


Institution building is important for entrenching macroeconomic stability, as well as supporting policy predictability and transparency. Keeping these objectives in mind, and consistent with the COVID-19 Economic Recovery Task Force recommendations, this Government has prioritised two complementary institutional reforms: (i) Tabling legislation for the establishment of an Independent Fiscal Commission to strengthen Jamaica’s Fiscal Responsibility Framework; and (ii) creation of an independent central bank with an explicit mandate for price stability.
Both Houses of Parliament recently enacted the Bank of Jamaica (Amendment) Act (the BOJ Amendment Act), which significantly amends the Bank of Jamaica Act. In addition, the legislation to establish the Fiscal Commission was tabled in late November. ....

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