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IMF Staff Conclude Mission To Grenada,
by Mary Swire, Tax-News.com, Hong Kong
Monday, April 06, 2009
The International Monetary Fund (IMF) has revealed the findings of a recent
mission to Grenada.
Leading the mission was Catherine Pattillo, who explained:
“An IMF mission visited Grenada during March 16-25 to conduct discussions
for the third review of the government’s home-grown economic program that
is supported by the IMF’s Poverty Reduction and Growth Facility (PRGF)."
"The mission had a constructive dialogue with Prime Minister Tillman Thomas,
Finance Minister Nazim Burke, Permanent Secretary Timothy Antoine and other
senior government officials, and representatives of public enterprises and the
private sector. Staff from the Caribbean Development Bank (CDB) and the Eastern
Caribbean Central Bank (ECCB) participated."
"Discussions focused on recent economic developments, fiscal performance,
progress with the government’s economic and structural reform agenda,
and a policy framework for the remainder of 2009 taking into account the deteriorating
global environment."
Explaining the findings of the mission, Ms Pattillo continued:
“The mission agreed with the government on the importance of a more focused
fiscal program in 2009 to address the adverse effects of the global economic
slowdown. Given Grenada’s high public debt burden, which constrains the
ability to respond to exogenous shocks, placing debt firmly on a downward path
must remain the priority, particularly through determined efforts at fiscal
consolidation."
"The mission welcomed the planned introduction of the VAT on February
1, 2010, which will lay the foundation for a broader tax base that will enhance
revenues. Following the completion of the tax amnesty, the authorities plan
appropriately to enhance the use of tax enforcement measures."
“The authorities have also made some progress with structural reforms
to support improved economic management, and promote a foundation for broad-based
growth. A Debt Management Unit was established in the Ministry of Finance in
January 2009 and it is expected to improve the effectiveness of and develop
a strategy for debt management," she added, continuing:
"The new draft Investment Act is in the final stages of review, which
will provide a transparent and level regime for domestic and foreign investors
and replace tax holidays with investment allowances."
Concluding the findings, Ms Pattillo said:
“Overall, the government has made significant efforts to strengthen implementation
of the economic and structural reform program supported by the PRGF arrangement.
The mission welcomed the authorities’ commitment to addressing the challenges
of the adverse external environment, and to strong and sound economic and fiscal
management."
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