• Latest
ECCB Records Profit for 2016-2017 Financial Year

Grenada’s Fiscal Responsibility Oversight Committee – Quantum Leap in Good Governance

5 years ago
Scholarships for Online Guest Service Gold Tourism Certification Course

Scholarships for Online Guest Service Gold Tourism Certification Course

8 hours ago
Trini deported from Grenada, charged with murder

Trini deported from Grenada, charged with murder

14 hours ago
Claims of coronavirus at SGU designed to create fear and panic

Covid-19 update: Grenada Dashboard 17 May 2022

15 hours ago
No Holiday for Carriacou Carnival

Notice of issuance of writs

15 hours ago
Higher Gas Prices for March 2014

Gas prices for May 2022

1 day ago
Drug bust

Drug bust

1 day ago
Opposition Leader chains himself to Parliament table

Dissolution of 5th session of 10th Parliament

1 day ago
Collaborative Sea Turtle project on endangered sea turtles in Grenada

Collaborative Sea Turtle project on endangered sea turtles in Grenada

1 day ago
The Big Jubilee Read: 2012–2022

The Big Jubilee Read: 2012–2022

1 day ago
Traffic notice: Settlement Road, Frequente

Traffic notice: Settlement Road, Frequente

2 days ago
Orphaned at 15 fuelled PhD graduate’s interest in nonprofit work

Orphaned at 15 fuelled PhD graduate’s interest in nonprofit work

2 days ago
Lifeguard saves 75-year-old man at Bathway Beach

Lifeguard saves 75-year-old man at Bathway Beach

2 days ago
NOW Grenada

Main Header Ad 468x60

  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
NOW Grenada
No Result
View All Result

Article Header

Grenada’s Fiscal Responsibility Oversight Committee – Quantum Leap in Good Governance

This story was posted 5 years ago
29 August 2017
in PRESS RELEASE
3 min. read
Timothy Antoine, Governor of the ECCB
Share

The Governor of the Eastern Caribbean Central Bank (ECCB), Timothy Antoine, describes Grenada’s vision to ensure fiscal responsibility, through the inaugural Fiscal Responsibility Oversight Committee, as a quantum leap in good governance for a small state.

Grenada is the 1st independent country in the Eastern Caribbean Currency Union (ECCU) and the 2nd, after Jamaica, in the Caribbean Community and Common Market (Caricom), to have fiscal responsibility law.

The members of the committee are Chairman, Richard Duncan; Angus Smith; Adrian Hayes and Sabina Gibbs. Zanna Barnard, a senior economist at the ECCB, is the regional expert. As required by law, the members are skilled in accounting; business management; public administration; law and economics. The Fiscal Responsibility Oversight Committee (FROC) is a requirement of the Fiscal Responsibility Law, to monitor and report on compliance with the fiscal rules and targets.

During an orientation seminar organised by the Ministry of Finance and conducted on 23 August for members of the committee, Antoine delivered 3 key messages. The 1st of these highlighted that the Fiscal Responsibility Act is the most fundamental and far-reaching fiscal reform in Grenada’s history, binding the state to operate within its means.

“The FRA – Fiscal Responsibility Act – is more than a bold experiment. It is a binding commitment, to law and order, fiscally speaking, and if you’re on Twitter you could tweet that one. It is more than a bold experiment. It is a binding commitment to law and order – fiscally speaking. That’s how important this legislation is. The 2nd key message is this: embrace – and this is for you, the Fiscal Responsibility Oversight Committee, embrace the high duty of care bestowed on you. Embrace the high duty of care bestowed on you. You are the custodians of this legislation. Parliament will rely on you and through the parliament, the people of Grenada, will rely on you,” Antoine said.

The Fiscal Responsibility Law confers tangible benefits, including low and more manageable debt, fiscal stability, forward looking salary settlements and higher levels of growth.

Antoine’s 3rd key message dealt with realising Grenada’s leadership position, in fiscal governance, among small states.

“People are looking at us, to see how we’re going to do this. So, this is a bold step. Grenada has assumed a certain leadership in the area of fiscal management. Accordingly, there are many admirers, home and abroad, but perhaps especially abroad. I hear them a lot, but we must also be aware that there are a few sceptics. There are those who doubt the efficacy of this arrangement. Can this law survive the test of time, including change of administrations? Does it reduce the flexibility of the state to govern? Those are some of the questions that the sceptics ask and, on that note, I am pleased to observe that at the 1st time of asking, during the last, recent salary negotiations, Grenada passed this test in flying colours. Public servants and teachers have been awarded increases and, at the same time, the fiscal responsibility law has been respected. That was the 1st test of the law,” Antoine said.

Permanent Secretary in the Ministry of Finance, Dr Wayne Sandiford, describes the Fiscal Responsibility Oversight Committee as a crucial institutional pillar, in the public finance management architecture of Grenada, directed at sound economic management. Members will play a role in reinforcing the credibility of sound economic management in general and fiscal management, in particular.

“The Fiscal Responsibility framework represents, in some sense, a new model – a new paradigm, as some may say – for the conduct of fiscal management, whose prime objectives are to promote fiscal discipline and to imbed fiscal sustainability, again, both of which are directed at laying the foundations for economic growth and development. In other words, the fiscal responsibility law has not been instituted, for its own end. It’s directed at a larger, grander purpose, of fostering – at least laying the conditions – for economic growth and development,” Sandiford said.

The orientation seminar was designed to prepare members of the FROC, so that they can effectively discharge the legislated responsibilities of the committee.

GIS

NOW Grenada is not responsible for the opinions, statements or media content presented by contributors. In case of abuse, click here to report.
Tags: eastern caribbean central bankfiscal responsibilitytimothy antoine
Next Post
Grenada Ready to Aid in Recovery Efforts Post Hurricane Harvey

Grenada Ready to Aid in Recovery Efforts Post Hurricane Harvey

Comment on post Cancel reply

Please enter your valid email address.
Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Home Sidebar NP 300x250

© NOW Grenada. All Rights Reserved. Published by Aqua Design Inc. | Terms of Use | Privacy Policy

No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us

Copyright NOW Grenada

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings. Visit our Privacy Policy | Terms of Use.

Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Visit our Privacy Policy | Terms of Use.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.