Three leading international experts in public policy finance have been appointed to serve as members of the newly created Fiscal Responsibility Panel.

According to the Bermuda Government, the panel will increase transparency and international credibility by providing an independent, external report of its actual fiscal conduct against the fiscal rules established.

Finance minister Bob Richards said in a statement: “I am pleased to announce that we have put in place a Fiscal Responsibility Panel to help tackle our looming fiscal challenges.

“This group will publish, on an annual basis, an independent report assessing the Island’s fiscal strategy, focusing on progress in meeting our medium term objectives for public spending, taxation, borrowing and debt reduction.”

In his 2015-16 Budget, Mr Richards said that the Government aims to balance the budget within three years.

He said at that time: “To increase transparency and international credibility, Government intends to establish an international, independent committee to review, monitor, assess and publicly report on the fiscal progress of the Government.

“Several other islands have also adopted similar outside assessors and it has helped bolster credibility and confidence. The report prepared by this panel will be an input into the overall work to create a framework for financial stability policy in Bermuda.”

The Fiscal Responsibility Panel will be chaired by David Peretz, an independent consultant on international financial issues who has worked in the British Treasury, the International Monetary Fund and the World Bank, with particular experience in advising on strategic and economic issues affecting small countries.

He is joined by Jonathan Portes, the director of the National Institute of Economic and Social Research, whose expertise covers economic policy issues including labour markets, skills, migration poverty, and international economic and financial issues.

The third member, Peter Heller, is a 30-year veteran of the International Monetary Fund, professor and lecturer on public policy finance.

The Government’s press release states that its medium-term target is that, by 2019, Bermuda would be paying for the operations and programmes of the Government and not increasing debt relative to the size of the economy.

Mr Richards added: “We look forward to the panel beginning its important work for the Bermudian people and for the first report to be published.”

Mr Peretz stated: “We are pleased to be asked to take on this important role for Bermuda and look forward to producing our first report later this year.”