Fiscal Responsibility ‘Ineffective’ Without Tougher Sanctions
By NEIL HARTNELL
Tribune Business Editor
(May 24,2018) NASSAU, BAHAMAS -Fiscal Responsibility legislation could be “ineffective” without tougher sanctions due to “The Bahamas’ poor history of non-compliance with similar laws”, a civil society group warned yesterday.
The Organisation for Responsible Governance (ORG), unveiling its recommendations on the draft Bill, said the main concern was the “lack of codified penalties [and] sanctions” for governments that breached its targets, or “incentives” that encouraged compliance.
It also called for the independent, five-member Fiscal Responsibility Council that currently has just an oversight and advisory role to have more power to “proactively contribute to fiscal strategy and decisions, and enforce its advice, recommendations and decisions”.