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The Ministry of the Economic Development, Trade and Planning.

29 Dec 2017

ST. GEORGE'S GRENADA 29th DECEMBER, 2017: Grenada was privileged to host a Mission of the Green Climate Fund (GCF) during the period 15th - 19th December, 2017 as part of a one week mission by the Fund to the Caribbean.

Other Caribbean Countries visited during the mission included Antigua & Barbuda, Dominica, Barbados and Haiti.

The objective of the Mission was to further advance the engagement of the Green Climate Fund (GCF) with Caribbean countries to build national capacity to accelerate direct access grant funding from the GCF for investments to reduce vulnerability to climate change and promote increased use of clean and renewable energy.

The GCF Team got the opportunity to meet with public and private sector officials to reviewed the draft country program and pipeline of projects and assess the country’s readiness for direct access to funding for national capacity development.

The Team expressed strong commitment to building National Capacity at the institutional, technical and professional level to ensure that Grenada, and other developing countries, can take ownership for actions and investments to build resilience to climate change and reduce carbon emissions. 

This, it is believed, will contribute to greater sustainability of these actions and ensure that the country benefit from a greater proportion of the funding provided.

The GCF Team agreed to support request from Grenada for additional funding for the following actions during 2018:

(a) To build national capacity with an annual disbursement of US$1 million through direct access to the GCF; A key component of this support is the setting up of a Climate Change Training Centre in Grenada in collaboration with local, regional and international institutions to provide certified training in climate change at the technical, vocational as well as professional levels. The trainings will target persons in the public and private sectors, as well as communities and civil society actors.  

The programme or courses would be accredited by a formal education centre or university and certificates from the programme/courses would be nationally, regionally and internationally recognized.

(b) To provide US$3 million to support Grenada’s national mitigation and adaptation planning process and priorities for actions to reduce vulnerability to climate change and promote increased use of renewable energy. This includes an initiative to develop the town of St. George’s as the first climate resilient- smart city in the Caribbean in line with the outcome of the public-private Caribbean Climate-Smart Coalition launched in December 2017.

These actions will also support the development and implementation of three major investment programs to build resilience, and promote investments in clean energy and energy efficiency in collaboration with the private sector.

The estimated cost of the required investments to reduce emission and build resilience to climate change in Grenada is estimated at over US$400 million. 

21 Dec 2017
ST. GEORGE, GRENADA, DEC. 21, 2017 - More Imani trainees will be incorporated within the Ministries of Agriculture and Fisheries in 2018, as noted by Youth Minister, Senator Pamela Moses, during her presentation at the 2018 Budget Senate Debate.

The partnership between the Ministries will be strengthened through the Ministry’s Empowerment Program which seeks to provide training to young men for 18 months. Trainees will be assigned to fishermen and experts, in other important areas.
“Fishing is one of the areas. So, we’ll be assigning those young men to fishermen, where they would be able to go out there and learn how to fish - trawlers, small fishing boats – everywhere,” she said.

Moses noted that the area of fish processing will be another priority area for engagement.

“We are getting that a lot, we’re a Government that listens, you know,” she said.

It is the hope that, at the end of the Empowerment Program, Government can assist the participants to become entrepreneurs.

“We are pushing them towards employing themselves. That young man who went out with the fishermen, at the end of the programme, we’re going to help him become a fisherman himself. That young man, who did the farming programme, at the end of it all, that young man would be encouraged to build his own poultry unit and start rearing his own chicken,” the Senator explained.

“We’re going to help him find markets in the hotels and he’s going to understand what it means to have money in his pocket, at the end of this programme, Mr. President, the young man who did landscaping, he would have amassed a savings, it would be a mandatory savings that will be taken from all of their stipends – a new approach. 
 
Mr. President – a new approach, we will take a savings from their stipend and at the end of the program we’re going to match the savings with a loan, through our Grenada Development Bank, and they will be able to purchase the equipment, or that which they need, to start their own business and that will be the exit for that programme. It would run for approximately one year, Mr. President.” 

The program has already been launched and will commence in 2018.
20 Dec 2017
ST. GEORGE’S, GRENADA, WEDNESDAY, DECEMBER 20th, 2017: In accordance with Section 229 of the Public Finance Management Regulation of 2015, the Annual Board of Survey to examine Government’s Treasury Cash and Bank Balances, will be conducted on the 1st working day of the New Year, that is, Tuesday, January 2nd, 2018 in the Government Ministries/Departments, including the Revenue Offices, the Customs Division and the Treasury Cash Office in Grenada and Carriacou.
 
The public is advised that as a result of the survey being conducted, no (Government) Cash transactions will take place between the close of business at the end of the year (December 29th and 30th, 2017) and the completion of the survey, on January 2nd, 2018 (Financial rule #233).
 
This means that Revenue Offices, the Customs Division and the Treasury Cash Office will be closed on (Tuesday 1st January, 2018) morning to facilitate the survey, but will reopen upon completion of the survey during the course of the day.
 
The Ministry of Finance apologises for any inconveniences. 
20 Dec 2017

Fellow Grenadians, friends, visitors, well wishers, all...

The Christmas story is forever a reaffirmation of God's great love for all of us—a love he demonstrated so selflessly by sending his Son to transform the world, to bring hope and salvation.

While we celebrate the birth of Jesus Christ on Christmas Day, we also know that Christmas is more than just December 25th. Christmas is a joyous, wonderful feeling that is captured in the Yuletide season, and often felt throughout the year in moments of wonder, gratitude, joy and brotherhood.

For us here in Grenada, we can all testify to that great feeling during the last several years, as Grenadians and friends of Grenada from all walks of life, rallied together to restore our country to a sound economic foundation. We rallied our way back from record high unemployment and a sullied reputation for fiscal management.

Together, we have made Grenada more respected regionally and internationally, and we have positioned ourselves as a small state leader in the fight to protect our environment and help to preserve this planet for the inheritance of our children and grandchildren.

Grenada is the strongest and most prosperous it has been in the last decade and we must continue to build on the successes.

Brothers and sisters, Christmas is indeed here. We see it as hope has overcome the dark days of despair; as testimonies have replaced doubt, and as together, we have unified our Nation.

I therefore urge you to join hands and continue to celebrate this season all across our Tri-Island State. Let our joys mirror in the faces of our children and in the grateful eyes of our senior citizens, our sick, our poor and our vulnerable. Let us leave no one behind during this holiday season.

Let the true spirit of “Grenadianness” resound throughout this land in the catchy rhythms, delicious cuisine, brilliant colors, bright lights and the joys of giving.

And most of all, as we celebrate on earth, let us remember the reason for Christmas; let us celebrate the birth of our Lord and Savior, Jesus Christ, through whom we can do all things as He strengthens us.

I extend my very best wishes for the continued safety of our shores, protection of all our people, and overall peace on earth, and goodwill toward men.

May God bless this beautiful Nation of Grenada, Carriacou and Petite Martinique.

Merry Christmas and a bright and prosperous 2018 to all.

18 Dec 2017
ST. GEORGE’S, GRENADA, MONDAY 18TH DECEMBER, 2017 – GIS: Nutmeg farmers could be looking forward to a bright Christmas this year, with the announcement that they will receive bonus payments from a total of one million dollars.

That announcement by GCNA Chairman Leo Cato during the Association’s General Meeting last Thursday.

He says with 2017 being a year of challenges and successes, they must place greater focus on quality and diversification.
“Going forward in 2018 quality must be a major issue for us, every farmer must take this very seriously, it means the very survival of the association.  Going forward in 2018 we are therefore going to diversify our business”, stated Cato.

Agriculture Minister Hon. Yolande Bain Horsford pointed to some of the major achievements of the GCNA which included making a surplus of 1.240 million EC dollars and clearing an overdraft facility, and increasing regional markets for Nutmegs.
She says the achievements are a strong foundation on which they can build a more robust nutmeg industry.

Looking ahead, she says the GCNA needs to, among others, create a special fund to act as a buffer to support advance prices when world market prices are low.

The Agriculture Minister reminds the association on the importance of “placing even greater emphasis in the area of food safety, as there is a move a foot by the European Union and the United States of America to place more stringent requirements on exporters to matters as it relates to food safety, traceability etc. it is therefore crucial that the GCNA facilities must be configured to enhance food safety in Nutmeg”.
08 Dec 2017

ST. GEORGE, GRENADA, DEC. 08, 2017 - The Government of Grenada is undertaking a major initiative in the St. Patrick area, which is expected to decrease the unemployment rate in that parish and, by extension, Grenada.  

Making his contribution to the 2018 budget on Nov. 30, the Parliamentary Representative for St. Patrick West, Hon. Anthony Boatswain, said the development is expected to bring real benefits to young people in Grenada.

“This Government has taken the bold decision to purchase a three-storey furniture factory building, owned by the Mc Leish family and mortgaged to the Grenada Development Bank, and it has been agreed, Mr. Speaker, that this furniture factory, that is located in the Mt. Rich/Snell Hall area, will be transformed into a national centre for skill training for our people.

Mr. Speaker – a national centre, but even more, it will be used as a national centre for the production and repair of all furniture required in our schools throughout Grenada, Mr. Speaker, and we know that the demand for school furniture is a million-dollar plus business.

Therefore, we are looking at a productive enterprise and not one that will be dependent on Government’s subsistence, Mr. Speaker,” he said.  

A training programme will begin soon, targeting more than 60 young people, many of whom will be employed at the facility, which could begin operations early in 2018.

Additionally, Hon. Boatswain said, “The potential spinoff, Mr. Speaker, is great, because we are talking about furniture making for schools; we’re talking about logging; we’re talking about transportation; we’re talking about actual production; we’re talking about marketing, so many activities; so many spin-offs. Mr. Speaker, from an activity like that I anticipate hundreds of jobs, but I do not want to be selfish, the centre will not be only for St. Patrick, It will be a national training centre, so anyone, from any part of Grenada, wishing to be trained in the modern art of furniture-making, will be able to come to that centre, right there in Mt. Rich,Mr. Speaker.”

With all that will be put in place by government, Minister Boatswain said he expects unemployment to decrease below the 20 percent mark.

06 Dec 2017
It has come to the attention of the Ministry of Finance, Government of Grenada, that Grenada has been one of 17 countries to be blacklisted by the EU Code of Conduct Group (Business Taxation).

On 5th December 2017, the Council approved and published conclusions containing an EU list of non-cooperative jurisdictions in taxation matters.

The reason put forward for Grenada being included on the list is as follows:

Grenada  has  not  signed  and  ratified  the  OECD  Multilateral  Convention  on  Mutual  Administrative Assistance  as amended  and did not  clearly  commit  to addressing  these  issues by  31  December  2018. Grenada’s commitment to comply with criteria 1.1, 2.1 and 3 will be monitored.

It is important to note that Grenada made high level commitments, complete with timelines, to the EU Code of Conduct group by way of letters on the 17th and 28th November 2017, to action concerns raised by the group regarding meeting all the criteria set up by the EU Council for Transparency and fairness in Taxation. And we are well on track to doing so.

Grenada has enacted and signed into force both the primary and secondary legislation which are required for implementing the OECD Multilateral Convention on Mutual Administrative Assistance (the MAC). In addition, Grenada has expended a significant amount of resources to put in place structures and processes to facilitate exchange of information on taxation with countries in the European Union.

Inadvertently, Grenada did not provide a timeline for signing the OECD Multilateral Convention on Mutual Administrative Assistance—given that a timeline was not in the Code of Conduct request. It must be noted though, that Grenada fully stated its commitment to sign in aforementioned correspondences.

Now that the Blacklisting for that reason has been brought to our attention, the Minister of Finance has written to the code of conduct group, specifying our commitment to sign the OECD Multilateral Convention on Mutual Administrative Assistance by 31st December, 2018.

Further in this regard, the Minister of Finance has requested that Grenada be de-listed soonest considering that we adequately and formally indicated our commitment to comply with all the stipulations of the code of conduct group going forward, and therefore should not have been included on the published blacklist.
05 Dec 2017
The Government of Grenada is reaping positive results on the Regional Government Securities Market (RGSM) due to increased investor confidence.

On November 29, 2017, the Government issued an EC$20.00 million, 365 day ‘Treasury Bill’, which was oversubscribed by EC$18.19 million at a reduced interest rate of 3.0%.

Additionally, an EC$15 million 91 day Bill, was issued on 1st December, 2017; which was also oversubscribed to the tune of EC$30.37 million at an even lower interest rate of 2.5%.

Due to the high demand by investors both securities were competitively auctioned resulting in 17 bids for the 365 day ‘Bill’ and 21 bids for the 91 day ‘Bill’.

These successful auctions are a direct result of local, regional and international confidence in the management of Grenada’s finances, as a consequence of the just completed, Home Grown Structural Adjustment Program, undertaken by the Government of Grenada.
07 Nov 2017

In an effort to reduce vulnerability to natural hazards and build resilience to climate change impacts, the Government of Grenada will be upgrading the topographical data and mapping of the tri-island state.

Through the Regional Disaster Vulnerability Reduction Project, which is funded by the World Bank and the Climate Investment Fund, the Government has hired the firm Fugro of France to conduct a topographical survey of Grenada, Carriacou and Petite Martinique, using LiDAR Technology.

LiDAR technology is used to capture a view of the land surface from above which will then be used to develop topographical maps, depth of coastal waters, Vegetation type, Land Use, Cadestral Data as well as to develop a survey map of Grenada.

Please be advised therefore that from Tuesday November 7, 2017, a helicopter will be flying over the islands of Grenada, Carriacou and Petite Martinique at an approximate height of 1804 feet (or 550 meters), to facilitate the conduct of the LiDAR topographical survey.

This activity is expected have a duration of two weeks, and will generate some overhead noise. The Government of Grenada thanks you for your understanding and cooperation in this regard.

30 Oct 2017

ST. GEORGE’S, GRENADA, Friday, October 27, 2017: The Minister of Finance and Energy, Dr. the Rt. Hon. Keith Mitchell, will present the 2018 Budget on Monday 27th November, 2017, at the Grenada Trade Centre, St. George’s, commencing 10:00 am. 
  
The theme for the 2018 Budget is: ““Safeguarding Our Gains and Continuing Our Progress” 

The theme focuses on protecting the macro-economic gains made in the past few years. It also looks forward to continued progress on that solid foundation.

During his presentation, the Prime Minister will highlight the major achievements for 2017 and detail Government’s Plans and Programs for 2018 and beyond.

As part of the preparation process, the Ministry of Finance and Energy, held Consultations with all Ministries, Government Departments, and other stakeholders including Civil Society, the Labour Unions, the Business Community, selected interest groups including Farmers, Agro-processors, Fisher-folk and for the first time, a Youth Consultation was held to garner the views of the young people.

The Budget Presentation is a National Exercise; therefore the General Public is invited to be a part of the Audience at the Trade Centre on 27th November,  2017 beginning from 10:00 a.m. Persons should be seated by 9:30 a.m., dressed in formal/business attire.

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