Jean Lowrie-Chin/Writer
Over its 11-year history there have been continuous laurels for the Economic Programme Oversight Committee (EPOC), born out of the need for close monitoring of our economy while benefitting from an IMF loan. The PSOJ’s crime monitoring committee, CMOC, has been modelled on it, and there have been calls for the Education Transformation Programme to have a similar oversight Committee.
At last Friday’s final quarterly EPOC press briefing, Chair Keith Duncan noted that Dr. Peter Phillips serving as Minister of Finance in 2013, ‘heeded the call of civil society and actively guided and supported the establishment of EPOC’ under the joint chairmanship of Bank of Jamaica Governor (BOJ) Richard Byles and former BOJ Governor Brian Wynter.”
Duncan succeeded Byles as co-chair with Wynter, and in 2019 continued as sole chair. Team members at our shop were inspired by Duncan’s passionate resolve that the people of Jamaica must understand our economic status. He kept reminding that EPOC was monitoring “not the IMF plan, but Jamaica’s plan.” He used every possible mode of communication: his team led by Althea Walters pulled on the skills of Adtelligent and PROComm and the media responded positively to his frank, down-to earth updates. Duncan embraced our suggestion to go ‘Pon di Corner’ to engage ordinary Jamaicans in the understanding of our economic progress. Sharing in refreshments, citizens of our inner-city communities listened and asked questions, taking with them simply worded flyers.
At the briefing Finance Minister Fayval Williams lauded the Committee: “The commitment to responsible fiscal policy and prudent fiscal management by successive administrations since 2013 has delivered a reduction in public debt to 68% of GDP – the lowest in almost 50 years and our debt trajectory is on track to meet the target of 60 per cent of GDP by Fiscal Year 2026/27. Macro-economic stability is now entrenched, and key economic indicators are aligned to create a positive outlook for growth and development.”
We owe a debt of gratitude to Duncan and members of EPOC: Richard Lumsden, David Noel, Septimus Blake, Donovan Wignal, Helene Davis-Whyte, Jason Morris, Lenworth Fulton, Ralston Hyman, members of the Finance Ministry team: Terron Francis and Trevor Anderson and members of the Bank of Jamaica team.
We need not be concerned at the closure of EPOC. Minister Willams announced that the Fiscal Commission as directed by the Independent Fiscal Commission Act passed in 2021, will come into effect on January 1, 2025, and will be led by Courtney Williams in his capacity as Fiscal Commissioner. Courtney Willams is a seasoned public servant who held a post at the IMF for three years. She noted: “The Independent Fiscal Commission is a permanent agency with a statutory mandate to assess publicly and independently from partisan influence, a government’s fiscal policies, plans, and performance against macroeconomic objectives related to the long-term sustainability of public finances and short to medium-term macroeconomic stability.”
As the saying goes, “the reward for good work is more work”, and so Minister Williams announced the Fiscal Advisory Committee (FAC), to be chaired by Keith Duncan. “As it was with EPOC,” she said, “the Fiscal Advisory Committee will have representation from a wide cross-section of society including the trade union movement, civil society, academia and the private sector. Along with Mr. Duncan, the Committee will be served by Helene Davis-Whyte, immediate past president of the Jamaica Confederation of Trade Unions; Nancy Pinchas, Executive Director of the Council of Voluntary Social Services; Dr. Patrice Whitely, Head of the Department of Economics at the University of the West Indies, Mona and Kareem Tomlinson, Managing Director of GK Capital Management Limited.” Let us continue to follow the progress of the Commission; it should continue keeping stakeholders on their toes, as did EPOC.
Jamaica Highlights 