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IMF Commends Grenada On Fiscal Policy,
by Phillip Morton, Investors Offshore.com
Thursday, December 03, 2009
Grenada has been commended for decisions taken under the Poverty Reduction
and Growth Facility (PRGF) arrangement with the International Monetary Fund (IMF). The Fund has lauded recent
efforts towards establishing a financial centre and introducing a value-added
tax (VAT).
The three-year PRGF with Grenada was approved on April 17, 2006, and in July
2008 Grenada received USD19.2m to help mitigate the impact of food and fuel
price shocks. This has since been increased to USD23.6m.
Following the Executive Board review, Takatoshi Kato, Deputy Managing Director
and Acting Chair, delivered the following statement:
“The impact of the global crisis on Grenada’s economy has been
more pronounced than initially envisaged. Falling tourism receipts, foreign
direct investment, and remittances have led to a marked decline in output, a
rise in unemployment, and revenue shortfalls in 2009."
"The authorities have continued
to implement steadfastly their PRGF-supported program, focusing macroeconomic
policies on coping with the short-term impact of the external shocks, while
laying the foundation for sustainable and broad-based economic growth. Implementation
of the structural reform agenda and a cautious debt management policy will be
essential.”
He continued: “The government is pursuing medium-term fiscal consolidation to place
public debt on a sustainable trajectory. Steps have been taken to prioritize
capital spending, restrain wage growth, and increase the efficiency of spending
on goods and services, while protecting social spending to mitigate the impact
of the crisis on the most vulnerable groups.”
And observed that: “The banking sector has remained resilient, and important progress has
been made in strengthening the capacity for nonbank financial supervision and
regulation. The authorities have cooperated closely with regional governments
to contain the fallout from the financial difficulties associated with the Trinidad
and Tobago-based CL Financial Group.”
Finally turning to discuss changes in fiscal policy, Kato added:
“The
authorities have made important progress on structural reforms. Preparations
to introduce a value-added tax in early 2010, which is expected to enhance the
coverage and buoyancy of the tax system, are firmly on track."
"To preserve external
competitiveness, the government is pressing ahead with measures to improve the
business and investment climate and implementing reforms to expand and diversify
external receipts.”
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