KINGSTON, Jamaica— The government this afternoon tabled in the House of Representatives legislation to establish the long awaited Independent Fiscal Commission (IFC).

The decision to establish the institution, formerly referred to as the Fiscal Council, is consistent with the government’s policy commitments to institutionalise fiscal transparency and strengthen Jamaica’s fiscal responsibility framework, Minister of Finance and the Public Service Dr Nigel Clarke told the House.

“Much of this rests on ensuring the continued existence of a credible fiscal path, that both supports economic recovery and retains debt sustainability. We therefore have to plan not just for today but we have to look ahead and plan across the medium term. By making adequate plans today Jamaica will make its way through this and emerge stronger,” he forecasted.

He said that the commission will be the guardian and interpreter of Jamaica’s fiscal rules, monitoring compliance with these rules, reporting on fiscal outcomes and keeping the public informed by providing independent analysis on fiscal policy developments.

He noted that the Government proposed this independent fiscal institution, is committed to it, and is delivering on this commitment.

The commission will replace the Economic Programme Oversight Committee which was  established in 2013 to monitor the implementation of Jamaica’s economic reform measures, under its agreement with the International Monetary Fund.

Balford Henry