Roseau, Dominica-December 1, 2021: The Dominica Parliament has approved the Rules-Based Fiscal Responsibility Framework to enhance the long-term resilience, stability, and sustainability of public finances.
The resolution was passed during the Second Meeting of the Second Session of the Tenth Parliament on Tuesday, November 30.
The Fiscal Responsibility Framework aims to foster broad-based, inclusive, and sustainable economic growth and development through the implementation of sound fiscal policies and the reduction of the debt-to-gross domestic product ratio to a
sustainable level.
The framework supports Dominica’s commitment to attaining a debt to GDP target of 60% by 2035, as part of the Eastern Caribbean Currency Union.
“The Government has expressed the desire to further enhance transparency and accountability in all matters related to the macro-economic and fiscal affairs of the state thereby deepening the involvement of all stakeholders,” Hon. Gregory Riviere, Minister of State in the Ministry of Finance, Economic Affairs and Planning said in his presentation of the bill to Parliament.
“We are mindful that a strong public financial management system, a comprehensive and credible budget, an internally consistent and coherent, well-structured medium-term fiscal framework, and a properly designed rules-based fiscal framework are fundamental to enhancing fiscal discipline and long-term fiscal policy objectives,” he explained.
Prime Minister and Minister for Finance, Economic Affairs & Planning, Hon. Roosevelt Skerrit said the Framework would assist Government to build on efforts to adhere to fiscal responsibility with prudence and enterprise.
“We have always maintained that the prudent and responsible management of the state finances in a small economy like Dominica is paramount. We have always said to the people of Dominica that, yes, we are responsive to their needs, but we are also responsible,” the Prime Minister noted.
The Rules-Based Responsibility Framework will be promptly published in the Official Gazette following the parliamentary approval.