Dominicans can expect that going forward, long-term resilience, stability and sustainability will be consistent features of the country’s public finances.
A bill to adopt the Rules-Based Fiscal Responsibility Framework was passed last week during the Second Meeting of the Second Session of the Tenth Parliament.
The Fiscal Responsibility Framework aims to foster broad-based, inclusive and sustainable economic growth and development through the implementation of sound fiscal policies and the reduction of the debt-to-gross domestic product ratio to a sustainable level. The framework supports Dominica’s commitment to attain a debt to GDP target of 60% by 2035, as part of the Eastern Caribbean Currency Union.
“The Government has expressed the desire to further enhance transparency and accountability in all matters related to the macro-economic and fiscal affairs of the state thereby deepening the involvement of all stakeholders,” Gregory Riviere, Minister of State in the Ministry of Finance, Economic Affairs and Planning, said in his presentation of the bill to Parliament.
“We are mindful that a strong public financial management system, a comprehensive and credible budget, an internally consistent and coherent, well-structured medium-term, well-structured medium-term fiscal framework and a properly designed rules-based fiscal framework are fundamental to enhancing fiscal discipline and long-term fiscal policy objectives,” he explained.
Prime Minister and Minister for Finance, Economic Affairs & Planning, Hon. Roosevelt Skerrit said the Framework would assist Government to build on efforts to adhere to fiscal responsibility with prudence and enterprise.
“We have always maintained that the prudent and responsible management of the state finances in a small economy like Dominica is paramount. We have always said to the people of Dominica that, yes, we are responsive to their needs, but we are also responsible,” the Prime Minister noted.
It was expected that the Rules-Based Responsibility Framework would be promptly published in the Official Gazette following the parliamentary approval.
Car-Rest-Her stop being foolish!
If the current laws on the books are not enough to deter the rouge gang calling themselves government what difference does it make? The first thing you should do is ask the CDPF if they are willing to enforce the law. I am certain you will have a change of heart in passing it based on the answer you will get.
This piece of legislation won’t be worth the paper it’s written on as long as the cabal runs things in Dominca. Not long ago government rushed a piece of legislation through parliament which gave banks authority to size(confiscate) property of those in default on loans and one would have thought that this would be a template for lenders going forward, yet recent information reveals that the government is owed $54 million dollars from 2016 and not even the interest has been paid by the borrowers. It’s common sense that unless money loaned is converted into a grant then the money has to be repaid with penalties, yet Crazy Coconut points to jobs he created from the money he borrowed from government as reason not to repay the loan and government has not collected the money loaned. There isn’t need for new legislation to collect the people’s money due from the named borrowers. Remember the utterance, “no law no Constitution”. It’s the same person who is minister of finance.
Dominica is indeed in a much better position than when Labour took over from Edison James, and his useless ” UWP- you will always be poor ” having said that everything this Labour government and it brilliant leadership of Dr. Skerrit, P.m. touches turns into Gold. No one can deny it, although these jokers on the other side is trying hard to deny it by saying nothing is happening in Dominica, when guys like ugly lenny, just sitting around doing nothing and all he would say is stimulus, stimulus money on my mind, now we have direct flights to the U.S. that will give ugly lenny, enough time to sneak out on money raising missions watch this space.