BRIDGETOWN, Barbados, CMC – Government says it has reconstituted the Fiscal Council of Barbados, a body of independent experts charged with one mission, which is to assess, publicly and honestly, how well the Government is managing the country’s finances on behalf of the population.
“Good governance is not just about making the right decisions; it is about being willing to be held accountable for them. No government gets everything right. Governing a small island nation in the middle of a turbulent global economy is serious work,” said Finance Minister Ryan Straughn
“ What matters is that there are credible, independent people watching, ready to say so when we fall short and to confirm it when we do not. And when they say we have fallen short, we listen, we adjust, and we act. That is how good governance actually works in practice. The Fiscal Council is that institution for Barbados, and I genuinely welcome its scrutiny.”
Straughn said he wanted to recognize Alejandro Werner, who leaves the chairmanship of the Council, “having given this institution something genuinely valuable: his integrity.
“Alejandro never treated this as a ceremonial role. He asked hard questions, he pushed for rigor, and he left the Council in better shape than he found it. Barbados is better for his contribution,” Straughn added.
The reconstituted Council brings together five distinguished professionals with deep expertise across public finance, economics, banking, and labor governance. It will be chaired by former acting director-general of the National Treasury of South Africa, Ismail Momoniat, with Professor Winston Moore as deputy chairman, and Professor Nlandu Mamingi, Donna Wellington, and Cedric Murrell as members.
The Fiscal Council of Barbados is an independent body established under the country’s public finance management framework. Its mandate is to provide impartial, evidence-based assessments of the Government’s fiscal management, promoting transparency and accountability in the use of public resources.
In a statement, the Ministry of Finance said the global economic environment has rarely been more uncertain and that “rising costs, volatile energy prices, and shifting international trade patterns are testing governments and households across the world.
“Barbados is not immune to those pressures, and the Government has never pretended otherwise. What it has done is build the institutions that give this country the best possible foundation to navigate whatever comes next.”
The ministry said that the reconstitution of the Fiscal Council of Barbados is a direct expression of that commitment, reiterating that the Council is an independent, non-statutory body.
“It is not created by law, the Government does not control it, and it does not answer to any ministry. Five distinguished independent experts have been appointed to assess and comment on the Government’s fiscal management, transparency, and accountability, openly and on the public record.
“In practice, this means reviewing whether the economic and financial projections behind the national budget are credible, evaluating whether the government is honoring its fiscal responsibility commitments, and monitoring risks across state-owned enterprises, contingent liabilities, and climate-related exposures.”
The ministry said that every year, the Council will publish independent assessments of the Fiscal Framework, the Mid-Year review, the pre-election economic and fiscal update, and the annual budget, which will be made freely available to every citizen.
It said that the Council’s only job is to examine the evidence and report its findings transparently to the population.
“It has already met, agreed on its mandate, and is ready to work. The published assessments will be freely available to every Barbadian who wants to read them. The Fiscal Council of Barbados is now operational,” the ministry added.
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