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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