The University of West Indies (UWI), Mona Campus, launched their Fiscal Research Centre (FRC) in partnership with the Ministry of Finance and the Public Service (MOFPS), the Inter-American Development Bank (IDB) and the University of Ottawa’s Institute of Fiscal Studies and Democracy (IFSD).
The FRC is the brainchild of Nigel Clarke, Minister of Finance and the Public Service of Jamaica. Clarke indicated that the FRC’s primary goal is to advance knowledge and expertise in public finance and public policy. He noted, “Sustaining economic stability over the long term requires that we build domestic technical capacity. There is no better way to do this than ensuring that there is a centre on the Jamaican campus of our regional university that makes public finance courses available to undergraduate and graduate students and that produces and publishes research on fiscal policy matters.” A JM$200 million grant from the government of Jamaica will support the center’s establishment.
Professor Densil A. Williams, Pro Vice-Chancellor and Principal of The UWI, Mona, emphasised the importance of the FRC in ensuring sustainable fiscal discipline and economic growth in Jamaica and the Caribbean region. “The FRC is a critical institutional architecture that will ensure the sustainability of fiscal discipline — a key variable in the equation for macro-economic stability — and one of the pre-conditions for long-term economic growth and development in Jamaica and the wider Caribbean region,” Professor Williams further commended the partnership, saying, “I am pleased that our UWI, the GOJ, the University of Ottawa, and the IDB can collaborate in this way to foster a more enabling environment for Jamaica’s growth and development,” he added.
The IDB committed US$400,000 to support joint research, publications, teaching, and training initiatives for students and practitioners across the region. This groundbreaking partnership among all four institutions will foster innovation and collaboration in the areas of public finance, economic research, policy design, and institutional reform for countries across the Caribbean and beyond.
IDB General Manager for the Caribbean Country Department, Anton Edmunds said “I am delighted the IDB has been able to work closely with Minister Clarke, the government of Jamaica, and the University of the West Indies to design and launch the Fiscal Research Center. As the region’s most engaged development partner, the IDB has long worked to support members in the critical fiscal policy and institutional tasks, which serve as cornerstones of any successful development strategy. We are proud of the crucial role the IDB played in supporting Jamaica’s successful reforms, which have transformed the country’s fortunes in ways few thought possible only a decade ago. It is fitting that Jamaica will host this groundbreaking partnership that will help shine light on these successes and identify reforms that will help drive faster and more inclusive growth across the region. We look forward to collaborating closely in the years to come.”
“It has been a special privilege to work with colleagues at The UWI and IDB on the mandate of the Fiscal Research Centre,” said Kevin Page, IFSD President. He expressed his gratitude to the minister and the IDB for their support. “We at IFSD have seen the positive impact of independent fiscal institutions and research centres worldwide in promoting understanding, debate and accountability on public finance issues as our political leaders grapple with major policy challenges. The needs and opportunities are significant (and) we too look forward to the journey and collaboration,” Mr. Page pointed out.
About The University of the West Indies
The UWI has been and continues to be a pivotal force in every aspect of Caribbean development, residing at the center of all efforts to improve the well-being of people across the region for over 75 years.
From a university college of London in Jamaica with 33 medical students in 1948, The UWI is today an internationally respected, global university with nearly 50,000 students and five campuses: Mona in Jamaica, St. Augustine in Trinidad and Tobago, Cave Hill in Barbados, Five Islands in Antigua and Barbuda and its Global Campus, and global centres in partnership with universities in North America, Latin America, Asia, Africa, and Europe.
The UWI offers over 1000 certificate, diploma, undergraduate and postgraduate degree options in Culture, Creative and Performing Arts, Food and Agriculture, Engineering, Humanities and Education, Law, Medical Sciences, Science and Technology, Social Sciences, and Sport. As the Caribbean’s leading university, it possesses the largest pool of Caribbean intellect and expertise committed to confronting the critical issues of our region and the wider world.
The UWI has been consistently ranked among the best in the world by the most reputable ranking agency, Times Higher Education (THE). Since The UWI’s 2018 debut in THE’s rankings, it has performed well in multiple schemes—among them including World University Rankings, Golden Age University Rankings (between 50 and 80 years old), Latin America Rankings, and the Impact Rankings for its response to the world’s biggest concerns, outlined in the 17 United Nations Sustainable Development Goals (SDGs), including Good Health and Well-being; Gender Equality and Climate Action. Learn more at www.uwi.edu
About the IDB
The Inter-American Development Bank (IDB) is devoted to improving lives across Latin America and the Caribbean. Founded in 1959, the IDB works with the region’s public sector to design and enable impactful, innovative solutions for sustainable and inclusive development. Leveraging financing, technical expertise and knowledge, it promotes growth and well-being in 26 countries.
Garcia,Geraldine
