Minister of Finance and the Public Service Fayval Williams has hailed the members of the outgoing Economic Programme Oversight Committee (EPOC) for their exceptional contributions to Jamaica’s economic growth and stability over the last 11 years.

Addressing the committee’s final quarterly press briefing on Friday at the ministry in Kingston, Williams acknowledged the pivotal role EPOC has played in embedding fiscal consolidation in the Jamaican consciousness.

“We have a far greater appreciation for the importance of macroeconomic stability,” she said.

As EPOC transitions out, Williams officially welcomed the establishment of the Independent Fiscal Commission (IFC) and the Fiscal Advisory Committee (FAC), which will take on the responsibilities previously held by EPOC.

She said the transition marks a significant step in strengthening Jamaica’s institutional economic framework.

Effective January 1, 2025, the newly established IFC will operate as a permanent agency tasked with assessing the government’s fiscal policies and performance against macroeconomic objectives.

Minister Williams highlighted that this commission will provide an independent opinion on the sustainability of Jamaica’s fiscal position. “The Independent Fiscal Commission is responsible for providing the public with an informed and independent opinion on the soundness and sustainability of Jamaica’s fiscal positions and policies,” she noted.

The FAC, chaired by outgoing EPOC Chairman Keith Duncan will oversee the operations of the Fiscal Commission. The FAC will include representatives from various sectors such as trade unions, civil society, academia and the private sector.

Minister Williams expressed confidence in the new structure. “With this transition, we are demonstrating our commitment to further institutionalising the tenets of fiscal responsibility,” she said.

Minister Williams also took a moment to thank former finance ministers and Prime Minister, Dr Andrew Holness, for their foresight in prioritising fiscal stability.

“As we pivot to growth, it will be on a stable footing,” she said. “We will not lose sight of the fiscal stability gains and the need to have those benefits persist into the foreseeable future.”

Minister Williams extended gratitude to the media “for continuing to help carry the good news about Jamaica and its development”.