GOVERNMENT intends to improve the stewardship of its policies with the appointment of a fiscal commissioner and the operationalisation of an independent commission during the new financial year.

This was disclosed by Governor General Sir Patrick Allen who stressed that, “the Government recognises the importance of institutions to preserve and maintain our macroeconomic stability”.

He was delivering his throne speech at the ceremonial opening of Parliament on Tuesday.

The commission will replace the Economic Programme Oversight Committee (EPOC).

During the tabling of the Independent Fiscal Commission Act, 2020, which provides for the body’s establishment, Minister of Finance and the Public Service Dr Nigel Clarke said the commission will be “the guardian and interpreter of Jamaica’s fiscal rules, monitoring compliance, reporting on fiscal outcomes, and keeping the public informed by providing an independent analysis on fiscal policy developments”.

The Government says that, through this body, it is seeking to institutionalise around the principles of enhanced accountability of the policymaking process, continued deepening of transparency of government finances, strengthening the credibility of government’s fiscal path, promoting inclusiveness in the policy discussion space, and importantly, taking greater societal ownership of Jamaica’s economic direction.

According to the finance ministry’s advertisement for the fiscal commissioner, the position plays a strategically important role in monitoring and reporting on government economic and fiscal policy matters.

“The overarching responsibilities of the fiscal commissioner are to implement mechanisms to independently analyse and report on government fiscal policies and to monitor the adherence of policies to Jamaica’s fiscal responsibility statutes. The fiscal commissioner will, therefore, be required to lead the establishment of the Independent Fiscal Commission, which includes the development and implementation of a framework that ensures the robust impartial assessment of government fiscal policies,” the job advertisement outlined.

In the meantime, the governor general said it is also the Administration’s intention to strengthen the regulations of the financial sector by unifying prudential supervision and regulation under the Bank of Jamaica, while pursuing the establishment of a separate regulator for market conduct and consumer protection.

He further announced that the regulations for the nomination, selection and appointment to boards of public bodies will come into effect in 2023/24 to provide a transparent mechanism for people to serve on boards of public bodies.