The Government will appoint a Fiscal Commissioner and operationalise the independence of the Fiscal Commission as the guardian of Jamaica’s fiscal rules during the 2023/24 fiscal year.

This was stated Tuesday by Governor General Sir Patrick Allen, as he delivered the 2023/24 Throne Speech inside a packed Gordon House, to mark the start of the new parliamentary year.

The annual Throne Speech details the Government’s legislative agenda for the fiscal year ahead, highlighting the priority areas. It also lists, in passing, achievements for the year under review.

Without mentioning the massive multi-billion fraud at Stocks and Securities Limited (SSL), Sir Patrick said, “It is also the intention to strengthen the regulations of the financial sector by unifying prevention, supervision and regulation under the Bank of Jamaica, while pursuing the establishment of a separate regulator for market conduct and consumer protection”.

The Financial Services Commission, whose Executive Director Everton McFarlane was forced out in the wake of the SSL fraud, has been criticised for its perceived lack of proper oversight of SSL.

READ: FSC boss resigns

The Throne Speech was delivered this year under the theme: “Building a stronger Jamaica, consolidating our recovery, reigniting our decade of growth”.

The Governor-General said that in building a stronger Jamaica, the government “recognises the importance of institutions to preserve and maintain our macro-economic stability”.

Meanwhile, the Governor-General noted that Jamaica became the first country in 2022 to provide central bank digital currency as legal tender by way of JAM-DEX.

He noted further that “JAM-DEX enables an affordable and efficient means to secure payments and is especially beneficial to those who do not have a bank account”.

READ: JAM-DEX… finally

Sir Patrick said the regulations for the nomination, selection and appointment to the boards of public bodies will come into effect during the upcoming fiscal year.

He said the aim is to “provide a transparent mechanism for persons to serve on boards of public bodies”.