Budget Speech 2011 - Government of Grenada

Mr. Speaker, the data show that the Grenadian economy performed better
than all but two of its peers in the ECCU in 2010.
2.4 OECS Economic Union
Mr. Speaker, the challenges of the Great Recession and its impact on the
economies of the ECCU forced member States to craft regional responses
and take collective action.
On 29 December 2009, member States signed The New Treaty of Basseterre
Establishing The OECS Economic Union. This Treaty is expected to be
ratified by all countries by 21 January 2011 and come into force by June
2011.
2.5 ECCU Eight-Point Stabilisation and Growth Programme
At the time of the signing of the New OECS Economic Treaty, the Heads
of Government also signed the Eight Point Stabilisation and Growth
Programme to guide the economies during the turbulent period of 2010
to 2012.
Under the Eight Point Stabilisation and Growth Programme, Governments
must stabilize their fiscal position, provide appropriate economic stimulus
through strengthening the Public Sector Investment Programme and
address the challenges of the financial sector.
The key objective is to maintain economic and financial stability in the
midst of the recession while preparing for the period of transformation
from 2013 to 2020. I will return to this issue later.
2.6 The British American Insurance and CLICO Situation
We are keenly aware of the hardship that policyholders are experiencing
and are working hard to find a solution.
The Government of Grenada is committed to finding a solution and is
working with the other ECCU Governments in that regard.
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2011 Budget Statement