NO. 61/2016 DATE: October 5, 2016
PRIME MINISTER MEETS WITH NON-BANK FINANCIAL SECTOR
ST. GEORGE’S, GRENADA, Wednesday, October 05, 2016: The Ministry of Finance, led by Prime Minister and Minister of Finance and Energy, Dr. the Rt. Hon. Keith Mitchell, held a meeting with insurance companies and credit unions (non-bank financial sector) on Friday, September 30th, 2016 at the Grenada National Stadium. Representatives of the Grenada Authority for the Regulation of Financial Institutions (GARFIN) were also present at the meeting.
The role of the non-bank financial sector in the economy continues to grow. Government is committed to a sound financial system and partnerships between Government and the entire sector is critical. The Government has quarterly engagements with the commercial banks and hopes to establish similar arrangements with the credit unions and insurance companies.
The main objectives of the meeting were:
1. To establish an engagement with Insurance Companies and Credit Unions
2. To receive feedback on economic developments
3. To listen to the concerns of the sector
In addressing the gathering, Prime Minister Mitchell stated the economy is performing much better than projected and that further improvement and growth is expected in the upcoming year.
Mr. Mike Sylvester, Acting Permanent Secretary of the Ministry of Finance and Energy made a presentation on the current state of the economy and the status of the Homegrown Programme. Mr. Sylvester highlighted the achievements of the Programme and Government’s plans to meet the outstanding targets.
A presentation was also made on the Foreign Account Tax Compliance Act (FATCA), by Mr. Michael Stephen, Deputy Comptroller (Acting) of the Inland Revenue Division. He detailed the expectations and implications of FATCA for the sector and gave a status update on the implementation of same. Mr. Angus Smith of GARFIN gave a comprehensive overview of the sector and spoke of the importance of the sector to the economy.
The participants were given the opportunity to ask questions, raise concerns and provide suggestions to Government. They were also invited to submit a formal proposal to Government with respect to the 2017 Budget.
The Prime Minister promised to hold more regular engagements with the sector to discuss matters that are pertinent to the sector.
426 GOVERNMENT FINALISING LOAN AGREEMENT WITH GCNA FOR DISBURSEMENT OF CABINET APPROVED FINANCIAL PACKAGE
386 TRAINING IN CONFLICT RESOLUTION FOR INLAND REVENUE AND CUSTOMS AND EXCISE DIVISIONS HAILED A SUCCESS
339 GRENADA TO DRAFT A COUNTRY PROGRAMME TO ACCESS CLIMATE FINANCE UNDER THE GREEN CLIMATE FUND (GCF)
315 INCREASED INVESTOR CONFIDENCE IN GRENADA LEADS TO OVER-SUBSCRIPTION OF EC.56 MILLION IN TREASURY BILLS
214 VALIDATION WORKSHOP: DIAGNOSTIC ASSESSMENT OF THE CONSUMER PROTECTION LANDSCAPE IN THE OECS REGION
204 NEW CUSTOMS OFFICERS RECEIVE TRAINING IN MONITORING AND CONTROL OF TRADE IN OZONE DEPLETING SUBSTANCES (ODS)
200 GRENADA TO BENEFIT FROM REGIONAL DEMONSTRATION PROJECT FOR THE REFRIGERATION AND AIR-CONDITIONING SECTOR
197 OECS COUNTRY MISSION TO UNDERTAKE DIAGNOSTIC ASSESSMENT ON CONSUMER AFFAIRS LANDSCAPES IN MEMBER STATES
196 ENERGY DIAGNOSIS AND POLICY EVALUATION WORKSHOP AS GRENADA MOVES FORWARD IN DEVELOPING NATIONAL ENERGY PLANNING GUIDELINES
84 Government to meet with Public Sector Unions to discuss new protocol for Statutory Bodies and State Owned Enterprises
58 November 3, 2014 - DISCUSSION OF DRAFT SCOCIAL COMPACT ON GBN TELEVISION – TUESDAY NOVEMBER 4TH, 2014
54 September 25, 2014 - LOCAL TEAM MEETING HELD FOLLOWING THE UN CONFERENCE IN SMALL ISLAND DEVELOPING STATES (SIDS), SAMOA SEPTEMBER 1-4, 2014
53 September 25, 2014 - LOCAL TEAM MEETING HELD FOLLOWING THE UN CONFERENCE ON SMALL ISLAND DEVELOPING STATES (SIDS), SAMOA SEPTEMBER 1-4, 2014
50 September 18, 2014 - THE NOU TO RECOGNISE INTERNATIONAL DAY 2015 BUDGET PREPARATION MOVING INTO HIGH GEAR
48 September 12, 2014 - THE NOU TO RECOGNISE INTERNATIONAL DAY FOR THE PRESERVATION OF THE OZONE LAYER
47 September 12, 2014 - THE NOU TO RECOGNISE INTERNATIONAL DAY FOR THE PRESERVATION OF THE OZONE LAYER
37 June 30, 2014 - JUNIOR OFFICERS OF CUSTOMS AND EXCISE DIVISION PARTICIPATE IN BASIC TRAINING COURSE
36 June 30, 2014 - JUNIOR OFFICERS OF CUSTOMS AND EXCISE DIVISION PARTICIPATE IN BASIC TRAINING COURSE
24 April 24, 2014 - NOU AND GRENCASE COLLABORATES TO PROVIDE TRAINING IN REFRIGERATION AND AIR-CONDITIONING FUNDAMENTALS
21 April 1, 2014 - GOVERNMENT AND PUBLIC SECTOR UNIONS COMMENCE TALKS ON MEMORANDUM OF UNDERSTANDING FOR HOME-GROWN PROGRAMME OF FISCAL ADJUSTMENT AND REFORMS
20 April 1, 2014 - REGISTRATION OF LICENSED NON-BANK FINANCIAL INSTITUTIONS IN COMPLIANCE WITH FATCA
19 March 27, 2014 - GOVERNMENT AND DIGICEL SIGN AGREEMENT FOR INSTALLATION OF ELECTRONIC TRACKING SYSTEM DEVICES IN ALL GOVERNMENT VEHICLES
15 March 6, 2014 - GRENADA TO HOST ENERGY FOR SUSTAINABLE DEVELOPMENT (ESD) PROJECT INCEPTION MEETING
11 February 26, 2014 - 3RD INSTALLMENT OF RETROACTIVE PAYMENTS TO PUBLIC OFFICERS AND TEACHERS DEFERRED
10 February 25, 2014 - GRENADA CUSTOMS AND EXCISE DIVISION ANNUAL AWARD AND RECOGNITION CEREMONY, 2014
8 February 12, 2014 - COMMITTEE OF SOCIAL PARTNERS MOVING STEADFASTLY TOWARDS THE FINALISATION OF A SOCIAL COMPACT