Debt management bill raises concerns

Monique Grange, Assistant News Editor
The Gleaner/Power 106 News Editor

Opposition senators this morning raised concern about the absence of regulations to govern the Public Debt Management Bill.

Among other things, the bill is intended to mandate the preparation of a public debt management strategy and prescribe a framework for decision making on public debt management.

However, Opposition senators Arthur Williams and Marlene Malahoo Forte believe the bill must not move to the audit stage without regulations being drafted.

According to Senator Williams, all the essential elements of the Act will require detailed regulations.

He said an important piece of legislation such as the public debt management bill will be meaningless without accompanying regulations.

And in her contribution Malahoo Forte said while the bill is critical in Jamaica’s management of its financial affairs there also needs to be an accountability clause.

The bill was passed in parliament on November 20.

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