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IMF Issues Statement On Grenada,
by Amanda Banks, Tax-News.com, London
Tuesday, September 30, 2008
Catherine Pattillo, head of an International Monetary Fund (IMF) staff mission
to Grenada, issued a statement last week supporting the government's attempts
at fiscal consolidation, including the planned introduction of value-added tax
(VAT).
According to Ms Pattillo, the mission, which ran between September 15 and 23,
concluded that:
"Economic growth in 2008 has slowed, and the outlook for the year has
deteriorated, reflecting the global slowdown. Real GDP is projected to grow
by around 1.6% in 2008 as weakened global demand and temporary disruptions in
airlift capacity to Grenada are expected to dampen tourism receipts.
"Spending pressures in the run up to the July elections resulted in serious
fiscal slippages and accumulation of unpaid claims (domestic arrears) in the
first half of 2008. Capital expenditure was significantly higher than programmed,
and there were some overruns on current expenditure driven by higher spending
on social programs. Thus, fiscal performance fell short of program targets.
In this context, the new authorities quickly developed a set of corrective measures,
which the mission supports," she added, going on to explain:
"These include issuing a finance circular to significantly reduce capital
expenditures below budgeted levels, and bringing forward the cutoff date for
new expenditure commitments. Some social spending programs are also being rationalized
to ensure that the benefits are targeted to the most vulnerable groups. To ensure
full cost-recovery pricing, the mission encouraged the authorities to reinstate
soon the automatic fuel price mechanism, following missed adjustments since
May 2008, and to restore the ECD3 per gallon specific tax."
On the subject of taxation, Ms Pattillo continued:
"The mission agreed with the government on the importance of fiscal consolidation
in 2009 and beyond to achieve the overarching objectives of fiscal and debt
sustainability. The mission welcomed the planned introduction of the VAT; this
is a major reform that will help widen the tax base and enhance revenues, as
has been the case in neighboring countries.
"The authorities also plan to strengthen tax administration and efforts
to collect tax arrears. On the expenditure side, the main challenges are to
slow the pace of capital expenditure, rationalize social programs while protecting
transfers to vulnerable groups, and moderate growth in the public sector wage
bill. The reorganization in the Ministry of Finance, aimed at supporting strengthened
economic and fiscal management, should enhance the quality of the 2009 budget
preparation."
Bringing her statement to a close, Ms Pattillo concluded:
"Progress on structural reforms has been slower than anticipated and meeting
most of the structural benchmarks for the second review will be delayed. The
authorities plan to move forward with an action plan to improve Grenada’s
Doing Business Indicators, a Fraud Control Plan for customs, and new investment
incentives legislation. On the latter, the new Investment Code under preparation
will provide a clear and transparent framework for resident and non-resident
investors. The government intends to use the findings of the Country Poverty
Assessment (CPA), currently underway, to strengthen its strategy to reduce poverty."
"Overall, the new government has made a good start on credible efforts
to strengthen implementation of the economic and structural reform program supported
by the PRGF arrangement. IMF staff will continue to work closely with the authorities
to assist them in such efforts. Discussions will continue in the next two months
on a framework for the 2009 budget," she finished.
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