GOV’T CONTINUES TO REAP THE BENEFITS
OF PRUDENT FISCAL BEHAVIOUR
The Government of Grenada is reaping the benefits of introducing legislation to ensure fiscal discipline for the benefit of Grenadians.
The Fiscal responsibility Law (FRL), introduced in 2016, requires that the Government exercise prudence in how it spends hard-earned taxpayers’ dollars. Grenada is the second of only three countries in the Eastern Caribbean, to introduce this self- imposed rule and the first country in the Caribbean to appoint an independent body, the Fiscal Responsibility Oversight Committee (FROC), to oversee its spending activities.
This decision, lauded by international agencies as the hallmark of good governance is creating tremendous economic opportunities for Grenada.
Through the enactment of the FRL, Grenada has attained a high level of fiscal stability with more than, US $100 million in concessionary loans and grants, from the World Bank, the International Monetary Fund (IMF), the Caribbean Development Bank (CDB) and other friendly governments and institutions, impressed with the country’s fiscal discipline. Grenada was able to significantly reduce unemployment from 32.2% in 2013 to 16.7% in 2018 (end of 3rd quarter) and the country’s debt to GDP ratio from 108.0% to 61.2%.
These gains also enabled the Government to service outstanding debt claims; regularize local supplies; undertake major infrastructural improvement to the General Hospital; the construction of the state of the art Gouyave Health Care Facility, and the renovation of many public schools across the country.
Grenada is presently a model for fiscal discipline and a magnet for local and international investment opportunities as evidenced in the consistent oversubscription of its treasury bills on the Regional Government Security Markets, at very low-interest rates.
As the benefits continue to roll in, the Government must ensure that it maintains fiscal discipline by carefully deciding how best to utilise its resources, so that all sectors get a reasonable share of the “pie”, despite competing priorities.
Breaching the fiscal rules has the potential to erode the economic gains and undermine Grenada’s credibility and as such, gravely hinder national development. If policymakers do not adhere to the fiscal rules, Grenada stands to lose access to extremely low concessionary loan and grant facilities for projects that will benefit thousands of ordinary citizens.
The Government remains committed to building a society, where the needs and interests of all its citizens are met within legal budgetary limits.
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