Minister of Finance Dr. Nigel Clarke says he will be tabling a draft Fiscal Council Bill in Parliament shortly.
In closing the Budget Debate in the House of Representatives on Tuesday, Dr. Clarke said the Bill seeks to, among other things, entrench accountability of fiscal policy and address gaps.
He noted that the move will empower the soon-to-be-established Fiscal Council, to ensure that Government's policy commitments are consistent with the Fiscal Responsibility Law and policymaking can continue to be dynamic.
He explained that the Council will be the final arbiter of Jamaica's Fiscal Rules that stipulate, among other things, a debt-reduction target of 60 per cent of gross domestic product by financial year 2025/26.
The Council will make independent commentary on the Fiscal Policy Paper, laid in Parliament simultaneously with the Budget, which outlines a medium-term profile and projections.