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    NEWS RELEASE

    MINISTRY OF FINANCE & ENERGY

     

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    NO. 27/2017                                          DATE: April 18, 2017

     

    ADJUSTMENT TO PETROLEUM PRICES FOR MARCH 2017

    ST. GEORGE’S, GRENADA, Tuesday, April 18, 2017: The General public is hereby informed that, effective, Tuesday April 18th, 2017, the retail prices of petroleum products (Gasoline, Diesel, Kerosene and LPG {Cooking Gas}) in the State of Grenada will be as follows:

     

    GRENADA

    Products                                 Old Price            New Price

    Gasoline                                  $14.17/IG            $14.06/IG

    Diesel                                      $13.20/IG            $12.83/IG

    Kerosene                                 $7.69/IG              $7.36/IG

     

    L.P.G (Cooking Gas):           Old Price           New Price

    20 lbs Cylinder                        $40.00                $40.00

                                                    $37.00*              $37.00*

    100 lbs Cylinder                      $193.855            $188.75

    Bulk                                         $2.00/lb             $1.95/lb

     

    CARRIACOU

    Products                    Old Price            New Price

    Gasoline                      $14.35/IG           $14.24/IG

    Diesel                           $13.389/IG         $13.01/IG

    Kerosene                       $7.88/IG             $7.55/IG

     

    PETIT MARTINIQUE

    Products                                 Old Price              New Price

    Gasoline                                  $8.85/IG                $8.74/IG

    Diesel                                      $7.88/IG                $7.51/IG

    Kerosene                                 $7.88/IG                $7.55/IG 

     

    CARRIACOU & PETIT MARTINIQUE

    L.P.G (Cooking Gas)      Old Price           New Price

    20 lbs Cylinder                     $49.00                $49.00

                                                 $46.00*              $46.00*

    100 lbs Cylinder                   $216.85              $211.75

    Bulk                                      $2.00/lb             $1.95/lb

    *Petrocaribe’s LPG 20lb Cylinder

    The new Retail Prices are computed based on the average FOB costs: that is; (Ex-refinery prices), for the period, 16th March, 2017 to 11th April, 2017.

    Consumers are encouraged to immediately notify the Price control/Consumer Affairs Unit in the Ministry of Finance of any instance of overpricing at telephone number 440-1369.

    NEWS RELEASE                          

    Eastern Caribbean Central Bank

    P O Box 89, Basseterre, St Kitts and Nevis                                      

     
     

     

    Basseterre, St Kitts, 10 April 2017

    ECCB Hosts Consultative and Legislative Drafting Workshop

    The Eastern Caribbean Central Bank (ECCB) will host a Consultative and Legislative Drafting Workshop to address proposed amendments to the Banking Act 2015 on 11 April at the Beachcombers Hotel, St Vincent and the Grenadines.

     

    Following the ECCB’s engagements on the application and operationalisation of the
    Banking Act 2015 with members of the Eastern Caribbean Currency Union (ECCU) banking industry, the Bank is proposing amendments to the Act to address certain areas of concern raised during those discussions.  In light of this,  the ECCB has organised the Consultative and Legislative Drafting Workshop which will be chaired by ECCB Monetary Council member and Prime Minister of St Vincent and the Grenadines, Dr the Honourable Ralph Gonsalves.   

     

    The objectives of the workshop are to:

    ·         consult with stakeholders and forge consensus on the proposed amendments to the Banking Act 2015;

    ·         conduct a technical review of the amendments and finalise the drafting of the amendments; and

    ·         develop a targeted approach to the efficient enactment of the amendments.

     

    Various stakeholders are expected to attend the workshop including:

    • Prime Minister Ralph Gonsalves (Chairman);
    • Prime Minister Gaston Browne (Member of the Ministerial Subcommittee on Banking);
    • Prime Minister Timothy Harris (Member of the Ministerial Subcommittee on Banking);
    • ECCU Attorneys General;
    • Legislative Draftspersons/Parliamentary Counsel;
    • Financial or Permanent Secretaries, Ministry of Finance;
    • Representative from the ECCU Bankers Association;
    • Representative from each local Bankers Association; and
    • ECCB Representatives

    NEWS RELEASE

    MINISTRY OF FINANCE & ENERGY

     

    . NO. 22/2017                                           DATE: April 7, 2017

     

    SOCIAL PARTNERS DISCUSS WIDE RANGE OF ISSUES AT 35TH MEETING   

     

    ST. GEORGE’S, GRENADA, Friday, April 07, 2017:At the 35th Meeting of the Committee of Social Partners (CSP), held on March 10th, 2017, a Team from the Integrity Commission (IC), led by Lady Avril Anande Trotman-Joseph, Chairperson of the IC, presented a comprehensive report on the work of the Commission.

     

    Discussion emanating from the presentation included:

    -         The role and importance of the Integrity Commission in Grenada and the region;

    -         Achievements of the Grenada Integrity Commission;

    -         Grenada’s recent ranking by Transparency International and the steps being taken to address same;

    -         Obligations arising from Grenada’s ratification of the OAS Inter-American Convention Against Corruption, and more recently, the United Nations Convention Against             Corruption; and the Integrity in Public Life Act and the Prevention of Corruption Act.

    -         Declaration of assets, income and liabilities, by public officials

     

    Other matters discussed were:

    -         The exportation of fish and issues related to same, which was led by Hon. Alvin Da Breo, Minister responsible for Fisheries;

    -         The content of local talk show programmes;

    -         Government/Union negotiations;

    -         The National Plan 2030;

    -         Issues pertaining to the Blue Economy; and

    -         Vending and the aesthetics of streets in the town of St. George

     

    The CSP meets on a monthly basis and is chaired by Prime Minister, Dr. the Rt. Hon. Keith Mitchell. The CSP is comprised of representatives of the private sector, the trade unions, the non-governmental organizations, the Conference of Churches in Grenada, the Association of Evangelical Churches and Government. As of March 1st, 2017, youth representatives from the Conference of Churches in Grenada, the Association of Evangelical Churches and the Ministry of Youth became members of the CSP.

    INTERNATIONAL MONETARY FUND

    Press Release No. 17/94

    FOR IMMEDIATE RELEASE

    March 22, 2017

     

    Statement at the End of a Staff Visit to Grenada

     

    End-of-Visit press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision.

     

    An International Monetary Fund (IMF) team led by Nicole Laframboise visited Grenada from March 15-22, 2017 to conduct discussions on the Sixth Review of Grenada’s IMF-supported program under the Extended Credit Facility (ECF). The ECF arrangement was approved on June 26, 2014 for an amount of SDR 14.04 million (then US$19.4 million, or 120 percent of Grenada’s quota at the IMF). Thus far, total resources of SDR 12.04 million (about US$17.5 million) have been made available to Grenada under the arrangement.[1]

    At the conclusion of the visit, Ms. Laframboise made the following statement:

    “Overall performance during this last phase of the ECF-supported Home Grown program has been strong. The government has continued with steadfast implementation of reforms and made progress toward achieving the key program goals of restoring fiscal sustainability, strengthening the financial sector, and setting the stage for durable growth.

     

    “The mission team has assessed that the government met all of the performance criteria and structural benchmarks due at end-December 2016. All the indicative targets were met, except for a minor under-spending on the World Bank-supported SEED program because of extra time needed to process candidates under the new eligibility system. Nonetheless, it is worth noting that the results so far point to an improvement in the effectiveness and targeting of programs to those most in need.

     

    “Real GDP is estimated to have expanded by 3.9 percent in 2016, implying annual real GDP growth of 5.8 percent on average from 2014-2016. Activity in 2016 was driven by tourism, construction, and some pick up in domestic demand, while agriculture experienced weather-related contraction. Growth is expected to moderate to 2.5 percent in 2017, near its estimated potential. Average CPI inflation rose to 1.7 percent in 2016 and is forecast at 2.6 percent in 2017 as oil and food prices start to rise. With steady tourism momentum, the external position remains stable.

    The government achieved a primary surplus (fiscal balance excluding interest payments) in 2016 of 5.3 percent of GDP. Expenditures were kept under firm control, and tax revenues performed well across all categories, driven by improvements in compliance and administration as well as robust activity.


    “Grenada has also taken important steps towards completing the comprehensive debt restructuring started in 2014. Of the stock outstanding at program inception, over 90 percent has been restructured. Public debt is forecast to fall to 72 percent at end-2017, a drop of 36 percentage points from its peak of 108 percent in 2013. This sizeable decline in the debt-to-GDP ratio is attributed to all three key factors: debt relief and restructuring, fiscal adjustment, and strong GDP growth.


    “While improvements in economic indicators are noteworthy, there is still much to do to improve job prospects. Employment has grown on average by about 4 percent annually since 2014, but unemployment in Grenada is high, particularly for the youth. Labor force statistics suggest an important skills mis-match in the economy. A review of education curriculums and new labor market programs to improve training and job search tools, in collaboration with the private sector, would help address this mis-match.

     

    “To achieve broader-based growth, the government is focusing on structural reforms to improve the supply response. Based on the natural endowments and market brand, the agriculture sector could be a more important source of growth and employment in Grenada. The authorities are moving toward some liberalization in the sector and staff urges them to continue in that direction. The government is also taking steps to remove impediments to doing business, including streamlining property registration processes and customs procedures, and strengthening building quality control and regulation. Further consultations with the private sector in these areas could help identify pressure points to be addressed.


    “Despite marked progress, it is important to note that public debt is still relatively high and further effort is needed to reach the medium term target. Grenada is a small open economy susceptible to external shocks, including from natural disasters, swings in key tourism markets, commodity price shocks, as well as potential volatility of Citizen-by-Investment revenues. With these types of vulnerabilities, lower debt and higher reserve buffers will help the country mitigate the impact of external shocks to avoid output losses and setbacks in income and social progress.

     

    “In this light, continued policy resolve will be needed to safeguard the progress thus far and achieve the country’s medium term debt reduction goals. The government agreed with staff on the imperative of adhering to the strengthened policy framework. Follow through on the Fiscal Responsibility legislation and the full set of systems and practices of public finance management developed over the past three years is critical to secure fiscal sustainability for future generations. It will also build credibility in the rules-based policy framework.

     

    In support of this goal, the government is preparing a strategy to modernize the management of the public sector. This three-year strategy will aid in improving the operations and efficiency of the public sector as well as develop a fair and rational system of compensation and incentives. There will be extensive consultation on the strategy and its implementation with all stakeholders.

    The government and people of Grenada should be commended for their achievements during the Home Grown program, particularly with respect to debt reduction, growth, and the strengthened fiscal policy framework. This success is due in no small part to the strong country ownership and high degree of consultation and collaboration with stakeholders, in particular the Committee of Social Partners and the Home Grown Monitoring Committee. We encourage Grenada to press ahead with its medium term goals and to focus on ways to promote growth further and lower unemployment to improve the economic opportunities for all Grenadians.

     

    The IMF remains committed to supporting Grenada. The team is grateful for the warm welcome extended to us by the authorities and representatives of the private sector, labor, civil society, and financial institutions, and for the very constructive discussions.

    *****

    The team met with the Prime Minister and Minister of Finance and Energy, 
    Dr. The Rt. Hon. Keith C. Mitchell; the Minister of Communication, Works, Physical Development, Public Utilities and ICT, Hon. Gregory Bowen; the Minister of Economic Development, Trade, Planning, Cooperatives and International Business, Hon. Oliver Joseph; the Minister of Health and International Business, Nickolas Steele; the Cabinet Secretary, Beryl Isaac; the Permanent Secretary of the Ministry of Finance, Kim Frederick; the Executive Director of the Grenada Authority for the Regulation of Financial Institutions, Angus Smith; other senior officials, representatives of the private sector, labor, and civil society, and the Monitoring Committee for the Home-Grown Programme. Representatives from the Eastern Caribbean Central Bank and the Caribbean Development Bank accompanied the team during the visit.

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    Contact Information

    Grenada Chamber of Industry
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    Frequente, Building 11
    P.O. Box 129, St. George's
    Grenada, West Indies
     
    Tel: (473) 440 2937
    Tel: (473) 440 4485
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    E-mail: gcic@grenadachamber.org

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