"As you would be aware, Mr. Jeremiah Frett assumes the role of Acting Financial Secretary from 1 January, 2021, and I am pleased to say that Mr. Frett has hit the ground running and is full of enthusiasm and ideas," Premier and Minister of Finance, Hon. Andrew Fahie shared in his new year's address.

The Premier stated that he held a briefing with Frett on Thursday, December 31, to prepare for his assumption of office and for ensuring continuity and a smooth transition.

"The new Acting Financial Secretary, has already advised your Government on initiatives that should be taken to achieve the streamlining of the economy and making it more resilient. To this end, he has recommended that robust revenue initiatives must be carried out at this time to make way for the 2022 Budget," the Premier stated.

The Premier added that on the advice of the Acting Financial Secretary, Government will be moving to establish a two-tier Revenue Committee. The first tier will be comprised of Government agencies, Departments and Ministries.

The second tier, the Premier stated, will be a consortium of business people representing various sectors of business industries with the mandate of creating new revenue streams from current and new industries, including introducing of revenues with linkages to the Tourism industry and also strategies for improving the current revenue streams and making them more efficient.

"The Acting Financial Secretary has further advised your Government that in order for us to be able to sustain the economy and remain in surplus budget we must streamline expenditure with a view of becoming more efficient and use best practices in cost cutting and saving measures which may include but not limited to centralisation of purchases and other best practices solutions that are currently being practiced regionally and internationally," Premier Fahie said.

He added that Frett has further advised that a special committee be formed immediately to inspect, review, and recommend measures that will allow for more efficiency in our recurrent expenditures.

Frett served as the Deputy Financial Secretary to Financial Secretary Glenroy Forbes whose contract ended in December.

Premier Fahie had previously revealed that Frett was the only applicant for the advertised and extension of the advertised post of Financial Secretary. The Premier had expressed that by the end of 2020, the position would have been filled subject to the Public Service Commission approval, then the Governor’s approval in consultation with the Premier and Minister of Finance.

Premier Fahie has thanked Forbes and his team for ensuring that the economy remained stable and well managed, and that economic activities and the Framework for building new industries remain buoyant.