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IMF Team Meets Government Officials In Grenada,
by Amanda Banks, for LawAndTax-News.com
Tuesday, August 26, 2008
A team from the International Monetary Fund (IMF)
spent last Thursday in Grenada on a familiarization mission with the country's
new government.
The team met with Prime Minister Tillman Thomas to get a view
of his vision for Grenada and to reiterate the IMF’s commitment to Grenada.
Following the meeting with the new Grenadian Prime Minister, the IMF team met with the Minister of Finance, Nazim
Burke, the Minister of State, Michael Church, and other senior officials.
The meeting provided an opportunity for the new ministers to share the government’s
plans for the development and management of the Grenadian economy.
Minister Burke spoke of his Government’s commitment to stronger economic
management and the successful completion of the Poverty Reduction and Growth
Facility (PRGF) programme with the IMF.
In this regard, he indicated that the Ministry of Finance is currently being
restructured to establish an Office of Private Sector Development; a Debt Management
Unit; a Waste Reduction Unit; and a Public Procurement Authority. These offices,
he explained, will facilitate better management of Grenada’s limited resources.
The Minister also spoke of:
The need to reduce capital expenditure for 2008, given the tight fiscal
situation;
The Government’s plan to develop the energy sector as a main growth
area in the economy;
Improving the business climate and developing a transparent predictable
Investment Code;
Building a strong and clean financial fystem in Grenada;
The need for tax reform, including the implementation of the Value Added
Tax (VAT); and
The revitalization of the rural economy.
The IMF team affirmed
their commitment to working closely with the Government in providing technical
assistance where requested.
A comprehensive review mission by the IMF is scheduled for mid September.
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