Dominica plans to bring Fiscal Framework Bill 2021

Dominica: The government of the Commonwealth of Dominica is planning to bring the Fiscal Framework Bill 2021.

To explain more on this bill Prime Minister invited the Financial Secretary - Denise Edwards, in his weekly, show Anou Palay.

FS, Edwards notified that the purpose of this act is to establish a framework through which the Dominica government would maintain its financial and fiscal affairs & parameters by which the government would operate to make fiscal resilience.

Following the report, the financial secretary further notified that the idea behind composing this act was to ensure that the currency remains stable in tough times, as Dominica's economy has been hit by many wrecks such as natural disasters at the time of the coronavirus pandemic.

She then remarked that the government of Grenada and St Vincent and the Grenadines have already implemented this act, and the Dominica government discussed it with these countries before implementing it.

The financial secretary stated that the governments' step to achieve transparency in the act that would be helping the public to be aware and monitor governments' agreement and plans.

PM Roosevelt Skerrit said that the fiscal responsibility bill was held till further discussions with the stakeholders. The fiscal responsibility bill carries importance in the country like Dominica. The country is subjected to many external shocks accompanied by many natural disasters that affect the small open economy.

Aa per to PM Skerrit, the country's 90 % GDP has been impacted by Hurricane Erica, whereas Hurricane Maria and the current ongoing coronavirus pandemic. While these situations, a transparent and accountable system has been essential to managing the financial system in the country.

Dominica PM Skerrit said that this fiscal responsibility bill has been crucial for the country as it would enhance the transparency between the public of the country and the government financial legislations and financial working. It will ease the public to have an insight into the fiscal responsibility framework and could also give their suggestion that where the government has been falling shot on any of the intentions of the legislation.

By marking the risk posed by the pandemic, the Dominican Government have established the Vulnerability Risk Fund at the Centre Bank. The account in Centre Bank was opened in October of the last year. The government have also begun to deposit amounts in that account. Till now, the amount of 4.5 EC Dollars have been deposited in the account.

Dominica PM Skerrit said that the main motive of this bill to keep a check over the government's expenditure. One of the main aims is to maintain public spending at a manageable level. It is developing the economic status that would allow the government to provide better healthcare and education to the citizens of the country and to make more investments in maintaining roads & security.