On Thursday, 7 June 2024, the Fiscal Resilience Oversight Committee (FROC), met with the Honourable Leo Cato, Speaker of the House of Representatives and Chairman of the Committee of Privileges.
The Fiscal Resilience Oversight Committee was represented by members Economist Leon Bullen, Attorney Lisa Taylor and Chairwoman Laurel Bain.
The Fiscal Resilience Oversight Committee was established under the Fiscal Resilience Act (2023). The FROC is mandated, under the Act, to monitor and report to Parliament on the compliance of Government with the Fiscal Resilience Act. The Speaker therefore emphasised the importance of the work of the FROC, given the confidence bestowed on the members of the Committee. This, he indicated, requires the FROC to undertake its work with utmost integrity.
The discussion then focused on matters related to the FROC 2023 Annual Report, the activities of the FROC and the FROC Awareness and Public Participation (APP) programme. The FROC highlighted the recommendations in the Annual Report and the associated actions, in accordance with the provisions of the Fiscal Resilience Act. The Speaker assured the FROC that its work will be examined, and there will be further engagements with the FROC.
The Speaker was apprised of the activities of the FROC, including the recently completed Statement of Compliance which assessed the compliance of Government with the Fiscal Resilience Act as of 31 March 2024. Among the other activities highlighted by the FROC were the review and finalisation of the Charter and Guidelines to guide the operations of the FROC, and the Memorandum of Understanding between the FROC and the Ministry of Finance. The meeting discussed the matters associated with continuous monitoring of the compliance of Government with the Fiscal Resilience Act, indicating that the next Statement of Compliance will be based on information as of 30 June 2024.
The elements of the Awareness and Public Participation (APP) programme, comprising media releases, publication of reports and the sharing of information on social media platforms, were highlighted.
The Fiscal Resilience Oversight Committee thanked the Honourable Leo Cato for this valuable engagement and for his support to the FROC in the implementation of the Fiscal Resilience Act.
FROC
