ST. GEORGE’S, GRENADA August 23rd, 2107: Grenada’s Fiscal Responsibility Oversight Committee (FROC) has been officially constituted: The first of its kind in Grenada.
On August 23, 2017, the Ministry of Finance and Energy conducted an orientation seminar for members of the FROC, with the objective of preparing them to effectively execute the legislated responsibilities of the Committee.
The seminar covered several topics including: the main provisions of the Fiscal Responsibility Act; the legal mandate of the FROC; roles and responsibilities of the Committee; reporting requirements; and other areas of practical guidance to support the operational independence of the FROC. An orientation manual was also provided to the Committee members.
As required by the Fiscal Responsibility Act, the first report of the FROC is due no later than three months after the Committee has been duly constituted.
The FROC is an important institutional pillar underpinning Grenada’s rules-based fiscal framework. It is an independent oversight body with the following legislated mandate:
a. monitor compliance with the fiscal rules and targets established under the Fiscal Responsibility Act No. 29 2015;
b. lay before the House of Representatives for consideration, an annual report on the status of implementation of the Act; and
c. upon request by the House of Representatives, lay before the House of Representatives an assessment report on the degree to which economic forecasts set out in the annual budget or supplementary budget, and supporting documents, comply with the provisions of the Act.
The Committee is comprised of a panel of four local experts and one regional expert, skilled in the following areas as stipulated in the Act: accounting; business management; public administration; law; and economics, namely: Richard Duncan (Chairman); Angus Smith; Adrian Hayes; and Sabina Gibbs. Zanna Barnard (a senior economist of the Eastern Caribbean Central Bank) is the regional expert.