The Fiscal Resilience Act Origin & Objectives
The Fiscal Resilience Act No. 11 of 2023 replaced the repealed Fiscal Responsibility Act No. 29 of 2015 which operated from 2016 to 2023. The Fiscal Responsibility Act was an important component of a package of financial legislation during a period marked by the restructuring of public debt and the implementation of the Structural Adjustment Programme. The main objective of the financial legislation was to ensure the pursuit of transparent, accountable, and sustainable fiscal policy.
First Chairman of the FROC 2016 – 2020
Mr. Richard Duncan
Mr. Richard Duncan has expertise as an Accountant and Economist. He served as the Accountant General for the Government of Grenada. Thereafter, Mr. Duncan was employed as the Manager, Finance and Corporate Affairs at the Grenada Cooperative Bank and was elevated to the position of Managing Director of the Bank. During his stewardship at the Grenada Cooperative Bank, Mr. Duncan was instrumental in restructuring the Bank, improving its operation and strengthening technical capacity. Mr. Duncan holds a Bachelor of Science (B/Sc) in Economics and Accounting from the University of the west Indies and a Master of Arts (M.A) from Carleton University. Mr. Duncan is a Fellow of the Certified General Accountants Association. (FCGA).
Second Chairman of FROC 2020 - 2022
Dr. Angus Friday
Dr. Friday worked internationally on island economies through the Waitt Institute, served at the World Bank and is Grenada's former Ambassador to the United Nations, the United States and the OAS. He holds a Masters degree in Business Administration (MBA) and a medical doctorate from St. George's University. First Secretary to the FROC: 2016 - 2022.
First Secretary to the FROC: 2016 - 2022
Mrs. Michelle Millet
Mrs. Michelle Millet is a Chartered Accountant and an Assurance Partner at PKF- Accountants and Business Advisers.
FROC 2016 Annual Report
FROC Members
- Mr. Richard W. Duncan: Chairperson, Accountant and Economist
- Ms. Zanna Barnard: Economist
- Ms. Sabina Gibbs: Attorney-at-Law
- Mr. Adrian Hayes: Retired Public Administrator
- Mr. Angus Smith: Retired Accountant
Corporate Secretary to the FROC :
- Mrs. Michelle Millet: Secretary to the FROC, Assurance Partner – Certified General Accountant (CGA)
FROC 2017 Annual Report
FROC Members
- Mr. Richard W. Duncan: Chairperson, Accountant and Economist
- Ms. Zanna Barnard: Economist
- Ms. Sabina Gibbs: Attorney-at-Law
- Mr. Adrian Hayes: Retired Public Administrator
- Mr. Angus Smith: Retired Accountant
Corporate Secretary to the FROC :
- Mrs. Michelle Millet: Secretary to the FROC, Assurance Partner – Certified General Accountant (CGA)
FROC 2018 Annual Report
FROC Members
- Mr. Richard W. Duncan: Chairperson, Accountant and Economist
- Ms. Zanna Barnard: Economist
- Ms. Sabina Gibbs: Attorney-at-Law
- Mr. Adrian Hayes: Retired Public Administrator
- Mr. Angus Smith: Retired Accountant
Corporate Secretary to the FROC :
- Mrs. Michelle Millet: Secretary to the FROC, Assurance Partner – Certified General Accountant (CGA)
FROC 2019 Annual Report
FROC Members
- Mr. Richard W. Duncan: Chairperson, Accountant and Economist
- Mr. Anthony MacLeish: Business Manager and Accountant
- Ms. Shadel Nyack Compton: Attorney-at-Law
- Ms. Zanna Barnard: Economist
- Mr. Philbert Charles: Retired Public Administrator
Corporate Secretary to the FROC :
- Mrs. Michelle Millet: Secretary to the FROC, Assurance Partner – Certified General Accountant (CGA)
FROC 2020 Annual Report
FROC Members
- Dr. E. Angus Friday: Chairman with a Master’s Degree in Business Administration (MBA) and a medical doctorate from St. George’s University
- Ms. Zanna Barnard: Economist
- Mr. Anthony MacLeish: Business Manager and Accountant
- Ms. Shadel Nyack Compton: Attorney-at-Law
- Mrs. S. Sally Anne Bagwhan logie: Public Administration
Corporate Secretary to the FROC :
- Mrs. Michelle Millet: Secretary to the FROC, Assurance Partner – Certified General Accountant (CGA)
Technical Support to the FROC :
- Mr. Angus Smith, Consultant, Retired Accountant
FROC 2021 Annual Report
FROC Members
- Dr. E. Angus Friday: Chairman with a Master’s Degree in Business Administration (MBA) and a medical doctorate from St. George’s University
- Mr. Leon Bullen: Economist
- Mrs. S. Sally Anne Bagwhan Logie: Public Administration
- Ms. Kim George: Attorney-at Law
- Mr. Kippling Charles: Accountant
Corporate Secretary to the FROC :
- Mrs. Michelle Millet: Secretary to the FROC, Assurance Partner – Certified General Accountant (CGA)
Technical Support to the FROC :
- Mr. Angus Smith, Consultant, Retired Accountant
FROC 2022 Annual Report
FROC Members
- Ms. Laurel Bain: Chairwoman, Economist
- Ms. Annette Henry: Attorney-at -Law and Public Administration
- Mr. Leon Bullen: Economist
- Ms. Kim George: Attorney-at-Law
- Mr. Kippling Charles: Accountant
Corporate Secretary to the FROC :
- Mrs. Michelle Millet: Secretary to the FROC, Assurance Partner – Certified General Accountant (CGA
Technical Support to the FROC:
- Dr Juliet A. Melville: Consultant, Economist with a BSc. and MSc. in Economics from UWI and a Ph.D. in Economics from the University of Kent.
FROC 2023 Annual Report
FROC Members
- Ms. Laurel Bain: Chairwoman, Economist
- Ms. Annette Henry: Attorney-at-Law and Public Administration
- Mr. Leon Bullen: Economist
- Mrs. Lisa Taylor: Attorney-at-Law
- Mr. Randy Lewis: Accountant
Technical and Administrative Manager of the FROC:
- Mrs. Afia Joseph- Zufelt: Technical and Administrative Manager with expertise in finance and strategic planning. She holds a BSc. in Accounting and an MBA in International Business Administration from St. George's University.
Technical Support to the FROC:
- Dr. Juliet A. Melville: Consultant, with a BSc. and MSc. in Economics from UWI and a Ph.D. in Economics from the University of Kent.
From Fiscal Responsibility to Fiscal Resilience
The Fiscal Resilience Act was effective from 1st January 2024. The Fiscal Resilience Act does away with the notion of fiscal responsibility and substitutes the concept of fiscal resilience. This demonstrates a refocus on shoring up the fiscal regime for long term sustainability and improved capacity to withstand economic shocks.
In the Fiscal Resilience Act, the provisions are provided with clarity which allows for ease of implementation, and for monitoring and reporting on compliance of the Government with the Act.
The Fiscal Resilience Act, with a lower required minimum primary balance of 1.5 per cent of GDP, a higher wage bill cap of 13 per cent of GDP and a debt to GDP ratio of 60 per cent to be achieved by 2035, provides flexibility for the Government to manage the economy with the use of fiscal policy.
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