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  • gcic@grenadachamber.org

    ST. GEORGE’S, GRENADA, May 19, 2017 – GIS:

    ·         The completion of the Review enables final disbursement of US$2.8 million.

    ·         Grenada successfully met its original reform program targets, which included fiscal adjustment and debt reduction.

    ·         Grenada’s economy grew by about 3.9 percent in 2016, reflecting strong construction activity and steady external demand for tourism services.

    The Executive Board of the International Monetary Fund (IMF), on Thursday, completed the sixth and final review of Grenada’s performance under a program supported by a three-year arrangement under the Extended Credit Facility (ECF).

    The completion of the review enables the disbursement of the equivalent of SDR 2 million (about US$2.8 million), bringing total resources made available to Grenada to the equivalent of SDR 14.04 million (about US$19.4 million). The ECF arrangement was approved by the Executive Board on June 26, 2014 (see Press Release No. 14/310 ).

    The government met all continuous and end-December 2016 performance criteria and structural benchmarks. The economy grew by about 3.9 percent in 2016, reflecting continued strong construction activity and steady external demand for Grenada’s tourism services. The pace of restructuring of public debt was accelerated in recent months and Grenada’s debt-to-GDP ratio declined to 83.4 percent at end-2016 from 108 percent in 2013.

    Grenada succeeded in meeting the core objectives of the ECF-supported program of restoring fiscal sustainability, strengthening the financial sector, and setting the stage for sustainable growth. With successful fiscal adjustment, debt restructuring and stronger growth during the program period, the debt-to-GDP ratio is well on track to meet the medium-term goal.

    The authorities also passed a substantial number of legislative reforms that helped strengthen the fiscal policy framework, including the Fiscal Responsibility, Public Debt Management, and Public Finance Management Acts. The government raised total social spending under the program and improved the targeting of social transfers to those most in need. In addition, Grenada’s banking sector has strengthened and financial stability has improved.

    While recent progress is commendable, Grenada remains a small open economy susceptible to external shocks, including from natural disasters and swings in tourism demand and commodity prices. While prospects for debt sustainability have vastly improved, public debt is still relatively high and the authorities need to continue their efforts to reach medium term debt targets and to lower unemployment, raise productivity, and broaden the base of growth.

    Following the Executive Board’s discussion on Grenada, Mr. David Lipton, First Deputy Managing Director and Acting Chair, said:

    “Grenada’s performance during the last phase of the ECF-supported program remained strong. The authorities met all performance criteria and structural benchmarks for the sixth review. Moreover, the program’s core objectives of restoring fiscal sustainability, strengthening the financial sector, and setting the stage for sustained growth have been achieved. Going forward, the authorities should focus on advancing structural reforms that promote broad-based growth and lower unemployment, while adhering to the strengthened fiscal policy framework to secure debt sustainability.

    “The authorities have made significant progress in reducing the debt-to-GDP ratio, but public debt is still high and the outlook remains vulnerable to shocks. Going forward, the authorities should adhere to the new rules-based fiscal policy framework to meet medium-term debt targets and build up reserve buffers to help the country mitigate the impact of future shocks. It will also be important to regularize all outstanding arrears and conclude discussions with remaining creditors as soon as possible.

    “Significant progress has been made in improving public finance management, public debt management, tax administration, and targeting of social transfers. The next phase of reform calls for concerted implementation of the legislation passed during the program and follow through on the systems of accountability accompanying the fiscal framework to secure lasting success.

    “To improve Grenada’s competitiveness and growth potential, priorities should focus on removing impediments to private sector activity, advancing institution-specific reforms to state-owned enterprises, and revitalizing the agriculture sector. Efforts to lower unemployment should focus on strengthening labor market skills and mobility and on implementing the public service management reform.

    “The balance sheet of the banking system has been strengthened and financial stability has improved. Continued efforts are needed now to strengthen the regulation and supervision of the non-bank financial sector and ensure that the financial system contributes more effectively to private sector growth.” 

    NEWS RELEASE

    MINISTRY OF FINANCE & ENERGY

     

    NO. 33/2017                                             DATE: May 18, 2017

     

    ADJUSTMENT TO PETROLEUM PRICES FOR MAY 2017

     

    ST. GEORGE’S, GRENADA, Thursday, May 18, 2017: The General public is hereby informed that, effective, Thursday May 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                                  $14.06/IG            $14.31/IG

    Diesel                                      $12.83/IG            $12.80/IG

    Kerosene                                 $7.36/IG              $7.39/IG

     

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

    20 lbs Cylinder                        $40.00                $40.00

                                                    $37.00*              $37.00*

    100 lbs Cylinder                      $188.75              $189.15

    Bulk                                         $1.95/lb              $1.95/lb

     

    CARRIACOU

    Products                    Old Price            New Price

    Gasoline                                  $14.24/IG           $14.49/IG

    Diesel                                      $13.01/IG           $12.98/IG

    Kerosene                                 $7.55/IG             $7.58/IG

     

    PETIT MARTINIQUE:

    Products                                 Old Price              New Price

    Gasoline                                  $8.74/IG                $8.99/IG

    Diesel                                      $7.51/IG                $7.48/IG

    Kerosene                                 $7.55/IG                $7.58/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                   $211.75               $212.15

    Bulk                                      $1.95/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, 12th April, 2017 to 15th May, 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.

    The Caribbean Governance Training Institute would like to invite you to register and participate in its most anticipated 4th Annual Hot Topics In Corporate Governance Annual Conference 2017.

    This year’s theme is titled “The 21st Century Audit Committee Conference & Certification Program; New Challenges, Risks and Best Practices.”  

    It is a must attend for members of Audit Committees, as well as CFOs, CEOs, CPAs, lawyers and other professionals who consult with and advise Audit Committees.

    This Conference is the first of its kind in North America which allows attending delegates to become “Audit Committee Certified” at the end of the sessions and to earn the prestigious “A.C.C” post nominal designation.

    This  ‘Gold Standard’ director education program features presentations from an International Faculty of Professionals who are well known for their experience in their various fields:

    Paul Tice, MA, CPA, C. Dir.Professional Director and Audit Committee Chair/Expert

    Brian Brown, CIA, CPA, CFE, C. Dir. Chief Audit Executive to numerous companies and the Founder of the Institute of Internal Auditors of Canada;

    Merv Hillier, CPA, C.Dir.- Professional director and Past CEO, Chartered Professional Accountants of Ontario 

    Robert Doyle, CPA, C.Dir. - Audit Committee Thought Leader and professional director

    amongst others.

    Together, they will discuss the latest hot topics in governance processes and tools that will transport your Audit Committee board beyond mere compliance to "21st Century governance excellence".

    We strongly recommend that you attend this Conference with your colleagues, either as a board or committee.

    The Program will take place in St. Lucia, July 10th – 11th , 2017 at the beautiful Coco Palm Hotel & Resort.

    To register please call 758-451-2500or 758-487 2433 or email This email address is being protected from spambots. You need JavaScript enabled to view it.

    Seats are limited for this program so please register early!

     

    Please view the complete brochure here:

    https://www.dropbox.com/s/ghbaq4g8r3vgzxz/2017%20SLU%20Hot%20Topic%20Conference%20Brochure%2012th%20April%20%283%29.pdf?dl=0

    For additional information on CGTI please visit our website: www.caribbeangovernancetraining.com

     

    Grelec - Our Team, Proud to Serve Our Nation; Series 5 of 7

    Barbara Hobson
    - Assistant Manager, Customer Services, 39 years of service.

    "We look at ways to help customers better manage their energy…I like to see people happy."

    Advancing Technologies - Innovation
    To Chief Engineer Clive Hosten, who joined Grenlec in 1988, improving system efficiency and increasing renewable energy are critical strategies for maintaining reliability and stabilising costs. To date, more than $220 million has been invested in the infrastructure of the electricity system to more than double installed capacity, peak load, and customer connections over the last 23 years. With the recent completion of Grenada’s largest single solar PV project to date, renewable energy generation is now at 7.5%+ of peak demand with more clean energy sites in the pipeline.

    "Our customer-owned renewable energy programme and falling prices for solar installations have helped to increase renewable energy. We are continuing to work with all partners to successfully overcome the challenges of small island states in increasing renewable energy generation in a cost-effective way,"says Clive Hosten.


    CLICK HERE
    to learn more about how Grenlec is Energising our Grenada

     
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    Contact Information

    Grenada Chamber of Industry
    and Commerce
     
    Frequente, Building 11
    P.O. Box 129, St. George's
    Grenada, West Indies
     
    Tel: (473) 440 2937
    Tel: (473) 440 4485
    Fax: (473) 440 6627
    E-mail: gcic@grenadachamber.org

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