No Code Website BuilderFiscal policy is often written in a language of its own. To ensure our work remains transparent and accessible to everyone, from policymakers to the public, we’ve created “The Fiscal Decoder”. This glossary breaks down complex budgetary terms and economic shorthand into plain language, providing the clarity you need to follow the nation’s fiscal health.
Here are concise definitions for the terms provided:
• IFC (Independent Fiscal Commission): An independent body established to monitor and provide an objective assessment of the government's fiscal performance and compliance.
• AGD (Accountant General’s Department): The department responsible for managing the government's treasury, including payments and financial reporting.
• BOJ (Bank of Jamaica): Jamaica's central bank, responsible for monetary policy, financial stability, and issuing currency.
• PIOJ (Planning Institute of Jamaica): The agency that leads strategic planning and policy development for Jamaica’s sustainable growth.
• STATIN (Statistical Institute of Jamaica): The central body responsible for collecting, analysing, and publishing official national statistics.
• MDAs (Ministries, Departments and Agencies): The various entities that make up the public sector and government administration.
• EPOC (Economic Programme Oversight Committee): A former civil society committee that monitored the implementation of Jamaica's economic reform programs.
• FRF (Fiscal Responsibility Framework): A set of rules and targets designed to ensure the government manages the budget and public debt sustainably.
• FPP (Fiscal Policy Paper): A document tabled in Parliament outlining the government's fiscal strategy, targets, and economic projections.
• EFAR (Economic and Fiscal Assessment Report): A report that evaluates the state of the economy and the government’s fiscal standing.
• SFP (Statement on Fiscal Performance): A report detailing how well the government is meeting its financial targets.
• PIMS (Public Investment Management System): The framework used to prioritize, manage, and monitor government-funded projects.
• FAAA (Finance Administration & Audit Act): The primary legislation governing how public money is managed, spent, and audited.
• GDP (Gross Domestic Product): The total value of all goods and services produced within Jamaica over a specific period.
• DSA (Debt Sustainability Analysis): An assessment to determine if a country can meet its current and future debt obligations without financial distress.
• NIR / GIR (Net / Gross International Reserves): The foreign currency assets held by the central bank to back the local currency and settle international debts.
• MTDMS (Medium Term Debt Management Strategy): A plan to manage the national debt over several years to minimize costs and risks.
• LFS (Labour Force Survey): A statistical study used to measure employment, unemployment, and the characteristics of the workforce.
• GCT (General Consumption Tax): A value-added tax charged on the supply of most goods and services in Jamaica.
• PAYE (Pay As You Earn): A system where income tax is deducted directly from an employee's salary by their employer.
• SFPBs (Self-Financing Public Bodies): Government-owned entities that generate their own revenue to cover their operating costs.
• IMF / WB / IDB / CDB: International financial institutions that provide technical assistance, loans, and economic guidance to Jamaica.
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