New EPOC co-chair promises transparency, to work on public update schedule
The new co-chairman of the Economic Programme Oversight Committee (EPOC) Keith Duncan says he will have to consult with the other members to work out an arrangement to update the public on its monitoring of the new agreement with the International Monetary Fund (IMF).
The board of the IMF approved the Precautionary Stand-By agreement with Jamaica on November 11.
Duncan is seeking to assure Jamaicans that he intends to be diligent, transparent and honest in monitoring the fiscal and monetary indicators under the agreement.
He says the committee will provide quarterly reports, at minimum.
IN PHOTO: Holness
Meanwhile, Prime Minister Andrew Holness, yesterday announced a three-pronged approach to overseeing the new arrangement with the IMF.
Holness explains that the new agreement with the IMF is much broader than the previous Extended Fund Facility and the Government has taken steps to deepen, broaden and diversify the monitoring framework.
This new framework includes EPOC as well as the newly established Public Sector Transformation Oversight Committee (P-STOC):
P-STOC will be responsible for monitoring the implementation of the public sector transformation programme and social protection targets.
P-STOC will be co-chaired by President of the Hugh Lawson Trade Union Education Institute Danny Roberts and Cabinet Secretary Ambassador Douglas Saunders.
Holness also notes that the Economic Growth Council would monitor the implementation of growth policies and outcomes.