Amending the Financial Administration and Audit Act

[Lazie]

Finance Minister Audley Shaw says legislation aimed at improving the country's fiscal management and ensuring transparency in expenditure will be tabled next week in Parliament.

He says he will be heading to Gordon House on Tuesday with a bill to amend the Financial Administration and Audit Act.

According to Mr. Shaw, changes will also be made to the Public Bodies Management and Accountability Act.

"That will introduce a whole new level of transparency ion the administration of government. There's a whole raft of initiatives like these that govern not just public sector reform (but) it also deals with financial sector stability where the Bank of Jamaica will have a greater role to play in ensuring financial system stability," Mr. Shaw said.

http://www.radiojamaica.com/content/view/24823/52/

[Lazie]

Government committed to change
2010-02-05 09:09:39

The Finance minister Audley Shaw says the government will be recommitting itself to change the approach to governance in Jamaica.

He says the government will seek to manage the economy in a fiscally responsible and prudent fashion.

Mr. Shaw was reacting to yesterday’s approval by the IMF of a 27-month Stand-By Arrangement for US$1.27 billion in Special Drawing rights.

The money will be used to support the country’s economic reforms and help it cope with the consequences of the global downturn.

The Finance Minister told the Gleaner/Power 106 News that the management platforms will involve serious checks and balances.

The IMF has said that a disbursement of about US$640 million will immediately become available to Jamaica.

The approval of the Stand-By Arrangement is expected to generate about US$1.1 billion in funding from other international financial institutions.