KINGSTON, Jamaica— The Senate yesterday approved legislation that will establish the Independent Fiscal Commission.

Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Senator Aubyn Hill, piloted the Independent Fiscal Commission Act, 2020 which provides for the body’s establishment.

Hill said that the Independent Fiscal Commission will serve to strengthen Jamaica’s fiscal responsibility framework; and promote sound fiscal policy and fiscal management in an effort to sustain fiscal discipline and macro-economic stability.

“The Independent Fiscal Commission’s mandate is to provide the public with an informed and independent opinion on the soundness and sustainability of Jamaica’s fiscal policies and positions in keeping with Jamaica’s fiscal responsibility framework,” he said.

He added that the commission will be an institution that is “exclusively dedicated to being the guardian, interpreter and arbiter of Jamaica’s fiscal rules – that is the only thing it will do”.

Hill noted that it will monitor compliance with Jamaica’s fiscal rules; it will keep the public informed on economic matters according to a scheduled calendar; and it will provide independent analysis on fiscal policy developments.

“Jamaica’s Independent Fiscal Commission will embody the principles of credibility, accountability, transparency, inclusiveness, ownership and permanence which will help Jamaica maintain a path of prudence while enhancing our Jamaican economic independence,” he said.