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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, transpare...

Institution building is important for entrenching macroeconomic stability, as well as supporting policy predictability and transparency. Keeping these objectives in mind, and consistent with the COVID-19 Economic Recovery Task Force recommendations, this Government has prioritised two complementary institutional reforms: (i) Tabling legislation for the establishment of an Independent Fiscal Commission to strengthen Jamaica’s Fiscal Responsibility Framework; and (ii) creation of an independent central bank with an explicit mandate for price stability. Both Houses of Parliament recently enac...