On Sunday 5th July, during the Anou Palay where the Prime Minister of Dominica Roosevelt Skerrit has a discussion with the Financial Secretary Denise Edward. The issue was the withdrawal of the Fiscal responsibility Bill from Parliament.
Financial Secretary Denise Edward, while clearing the doubts regarding the planning of the Fiscal Framework Act 2021, said that the purpose of the bill has to establish a framework through which the government would be managing its financial and fiscal affairs & parameters. by the help of this bill the government would build a strong economy.
According to the financial secretary further informed that this bill has been composing to make sure that the currency remains stable in tough times, as Dominica’s economy had been hit by several breakdowns caused by natural disasters and now in the time of the COVID-19 pandemic.
Denise Edward Financial Secretary mentioned that the governments’ step to achieve transparency in the bill that might 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 the further discussions with the stakeholders. The fiscal responsibility bill carries importance in the country like Dominica. The country that is subjected to the many external shocks accompanied by many natural disasters that affect the small open economy.
According to PM Skerrit, the country’s 90 % GDP has been impacted by Hurricane Erica, whereas Hurricane Maria and the current ongoing COVID-19 pandemic. During these situations, a transparent and accountable system has been essential to managing the financial system in the country.
PM Skerrit said that this fiscal responsibility bill has been important 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 noticing 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 started to deposit amounts in that account. Till now, the amount of 4.5 EC Dollars have been deposited in the account.
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 improving 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 and security.