Jamaica and Grenada Offer Lessons on Flexible Fiscal Policy
1 report, 1 independent
Updated Sep 22
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What happened
Fiscal rules are numerical limits designed to ensure government discipline and predictability in public finances. Jamaica adopted legislated fiscal rules in 2010, and Grenada adopted them in 2015. Both countries strengthened their frameworks, allowing them to build fiscal buffers and respond more effectively to external shocks.
From nowgrenada.com
Why it matters
For small, open Caribbean economies with narrow tax bases, maintaining fiscal discipline is complex due to high exposure to external shocks. The experience of Jamaica and Grenada shows that fiscal rules must balance discipline and credibility with necessary flexibility to manage crises.
From nowgrenada.com
Who's involved
- JamaicaAdopted legislated fiscal rules in 2010.
- GrenadaAdopted legislated fiscal rules in 2015 and is a member of the Eastern Caribbean.
- Eastern CaribbeanGrenada is formally included as a member state within this collective entity.
- Organisation of Eastern Caribbean StatesGrenada is a member state and participates in collective standards setting.
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The entities involved
Related events
- Mark Golding proposes economic policies for the country.
- Jamaica is located within the Caribbean region.
- Jamaica is pursuing mutual economic opportunity and trade goals.
- Jamaica is facing economic challenges due to Middle East tensions, leading to price hikes and requiring international aid from the World Bank.
- The government of Jamaica is managing the country's national finances by utilizing international bond markets.