The Independent Fiscal Commission Act establishes Jamaica's Independent Fiscal Commission as an independent body responsible for promoting sound fiscal policy and sustainable public finances. The Act sets out the Commission's functions, powers, governance structure, reporting obligations, and independence, including its role in monitoring compliance with Jamaica's fiscal rules, assessing government fiscal performance, and providing objective analyses to Parliament and the public. By strengthening transparency and independent oversight, the Act supports responsible fiscal management and long-term economic stability.
The Financial Administration and Audit Act provides the financial rules and procedures that govern how public funds are managed across Jamaica's Ministries, Departments, Agencies, and eligible public bodies. It outlines standards for budgeting, revenue collection, expenditure, accounting, financial reporting, internal controls, asset management, procurement, and public investment to ensure accountability, transparency, and effective stewardship of public resources.
The Public Bodies Management & Accountability Act strengthens the governance, financial oversight, and accountability of Jamaica's public bodies. It introduces stricter requirements for corporate planning, budgeting, borrowing, financial reporting, and performance management, while expanding the powers of the Minister and the Financial Secretary to oversee public bodies. The amendments are designed to promote greater transparency, improve financial discipline, and ensure that public bodies operate in accordance with sound fiscal management principles.
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