Independent Fiscal Commission

The Independent Fiscal Commission (IFC) was created in the context of Jamaica’s ongoing internationally acclaimed economic reform programme and debt-reduction path, specifically with reference to strengthening and entrenching the country’s institutional economic framework. The IFC will monitor the government’s macroeconomic and fiscal policy and provide to the public, through published reports, expert, unbiased, independent assessments of government’s macroeconomic and fiscal management.

Fiscal policy refers to government spending, revenue and financing policies, and fiscal management is the ongoing process of planning and implementing fiscal policy.

To strengthen accountability and enhance the transparency and credibility of Jamaica’s management of its fiscal affairs and promote continued fiscal discipline in line with international best practices, the IFC is tasked to:

• Review and publish assessments of the credibility of each proposed annual national budget and a review of subsequent budgetary outcomes.
• Publish assessments of the overall soundness and sustainability of government’s fiscal policies and Jamaica’s fiscal position.
• Monitor government’s adherence to Jamaica’s fiscal responsibility laws.
• Inform the public on fiscal developments and their implications.
• Inform the public on the implications of macroeconomic conditions and/or events for fiscal policy.
• Enhance public awareness and understanding of fiscal policy.
• Encourage informed debate on fiscal policy.