NASSAU, The Bahamas — The current Fiscal Responsibility Council (FRC) has been operating since April of this year, fulfilling its mandate as outlined in the Public Finance Management Act, 2023.
This legislation replaces the Fiscal Responsibility Act, 2018 which was enacted in The Bahamas to improve public fund management through a framework of fiscal rules, accountability, and an independent council.
Christel Sands-Feaste, Chairman of the Council and a commercial lawyer, explained that the Fiscal Responsibility Act, 2018 was repealed in 2023 and re-constituted under the Public Finance Management Act, 2023.
The current independent corporate body is responsible for assessing compliance with general principles, fiscal responsibility principles, and fiscal objectives, and for advising the Bahamian Government on fiscal and budgetary matters. It comprises five members appointed by the Minister of Finance.
“This present Council was appointed in October 2024 and our appointments were formally announced to the public in April 2025,” the Chairman said before a Council Meeting at the Campbell Maritime Centre, West Bay Street on Wednesday, October 29, 2025.
She said, “The Council comprises experts in law, economics, banking, business, and construction—a good cross-section of Bahamians first and foremost who have very individual views and perspectives. We feel that together, we can collaborate to do our work.”
Other Council Members are: Rupert Pinder, who has extensive experience in public sector finance, economic regulations (communications sector), and academia; Dr. Gezel Farrington, who has 30 years’ experience within the Banking sector and is currently positioned as a Director at CIBC FirstCaribbean International Bank (CIBC); Pedro Rolle, a senior business executive and real estate professional, is the Chairman of The Bridge Authority and President of Seaside Real Estate and Capital Investment Services; and Stefan Knowles a civil engineer and the CEO and President of SJK Engineering and Construction Ltd.
Marco Rolle, a Permanent Secretary (Retired) who functions as Program Coordinator in the Ministry of Finance, supports the Council along with other permanent support staff.
The current Council has released three reports since its members were announced. It released a Mid-Year Budget Fiscal Responsibility Report on March 31, a Fiscal Strategy Report on August 11 and an Annual Budget Report for Fiscal Year 2025/2026 on August 12.
The Chairman explained that the Council publishes its findings in a way the average Bahamian can understand by condensing the information.
“Our approach is very strategic. We provide a summary and then detailed, very transparent reporting. This is consistent with the theme of transparency and accountability within the timelines provided by the legislation.”
The independent body meets monthly, but when producing a report, it sometimes meets several times per week. “Whatever the job requires is what we do to get the job done.”
She noted that the Council is often called upon to meet with international agencies, including the International Monetary Fund and The World Bank, because the Council is supposed to be independent of government.
The Chairman added, “We engage as an independent body with the Ministry of Finance to provide us with information.”
She said that looking forward, as council members have particular concerns or issues they want addressed, they will engage with the Ministry of Finance or whatever designated agency they feel is necessary to respond to those queries.
The public can read the reports on the Council’s website.
