Budget Speech 2011 - Government of Grenada

More documents

Recommendations

Info

In netball, our young ladies won the under 23 OECS Netball tournament. On this note, our Government extends its congratulations to Lottysha Cato of La Mode, St. Patrick on becoming Grenada’s first professionally paid netball player. In cricket, for the first time, Grenada had two cricketers on the West Indies test team at the same time – Devon Smith and Nelon Pascal. On the global stage, Grenada once again played a lead role in negotiations on climate change as chairman of the Alliance of Small Island States (AOSIS) in Cancun, Mexico. Selected Government Achievements in 2010 Stronger Economic Management • Successfully completed the fifth and final review of the Poverty Reduction and Growth Facility with the IMF. • Successfully entered into a new agreement with the IMF called the Extended Credit Facility and completed the first review in November 2010 resulting in a disbursement of $5 million. • Successfully implemented the Value Added Tax (VAT) and Excise Tax in February 2010. • Received and or mobilized grants of $79.5 million. • Grenada’s credit rating by Standard & Poor’s was affirmed. • Signed thirteen (13) Tax Information Exchange Agreements (TIEAs), surpassing the target of twelve (12) as set by the OECD, and is now ‘white listed’ by the OECD. • Implemented a new Insurance Act which now ensures stronger regulation and supervision of the insurance industry. 2011 Budget Statement Page 21
Improving the Business Climate • Grenada was one of the top ten reformers in business reforms worldwide and the best reformer in the Caribbean in the 2011 Ease of Doing Business Report. • Grenada moved up six (6) points in its Doing Business Ranking. Specific improvements were recorded in: o Time to start a business: reduced from 20 days to 15 days o Time to register property: reduced from 77 days to 47 days o Time to import: reduced by 4 days Job Creation In the area of foreign direct investment, GIDC facilitated eight (8) new projects to start up operation: - KM2 Solutions, a call center, started operation in January in the Seamoon Industrial Park and currently employs 194 persons - Baron Foods started operation in January in the Seamoon Industrial Park and now employs 20 persons - St Lu Metals started operation in the Frequente Industrial Park in April 2010 and now employs 17 persons. - Five (5) other foreign projects started operation, a small restaurant, a marine food service, a data processing facility and the discovery train service now operating in the city of St George. In total, these projects created approximately 240 jobs at start up. In the area of domestic investment, GIDC facilitated thirty-nine small projects to start operations. These projects generated an additional 100 jobs. In terms of short term employment, 16,047 jobs were created under the road maintenance programme’s fortnightly rotations, with an expenditure of $9.5 million. Page 22 2011 Budget Statement
Page 1 and 2: GOVERNMENT OF GRENADA 2011 Budget S
Page 3 and 4: 5.8 Strengthening Economic Manageme
Page 5 and 6: Page 4 2011 Budget Statement
Page 7 and 8: At home, many of us lost loved ones
Page 9 and 10: not accompanied by significant job
Page 11 and 12: Mr. Speaker, the data show that the
Page 13 and 14: 3.0 LOCAL DEVELOPMENTS 3.1 Performa
Page 15 and 16: In an effort to provide additional
Page 17 and 18: It is useful to understand how Gove
Page 19 and 20: Based on the revised GDP, Grenada
Page 21: This year, our VAT Unit will intens
Page 25 and 26: o o 6 acres of avocados 10.6 acres
Page 27 and 28: • Provided every primary and seco
Page 29 and 30: Violence Act - landmark legislation
Page 31 and 32: We pointed out that there are sever
Page 33 and 34: We commenced the process of tax ref
Page 35 and 36: In preparing this strategy we have
Page 37 and 38: will depend on two additional criti
Page 39 and 40: The individual freedoms we enjoy in
Page 41 and 42: Public Debt - $188.3 million (or 24
Page 43 and 44: 4. Improved marketability of fish p
Page 45 and 46: Support for Airlift It should be no
Page 47 and 48: in securing vacations and is workin
Page 49 and 50: We are working closely with the Off
Page 51 and 52: to explore the technical and commer
Page 53 and 54: the three (3) sites, thus negating
Page 55 and 56: In a real sense, C@ribNET is a cata
Page 57 and 58: And Grenada is not alone. Having re
Page 59 and 60: Project Grenville Market Developmen
Page 61 and 62: The report showed that of the perso
Page 63 and 64: To our dismay, the design works wer
Page 65 and 66: Its development goal is to contribu
Page 67 and 68: Programme. This initiative will tar
Page 69 and 70: VI. Support for Existing Businesses
Page 71 and 72: and we will continue to offer that.
Page 73 and 74:
persons whose employment was involu
Page 75 and 76:
This year, Government will continue
Page 77 and 78:
9. Creating training and educationa
Page 79 and 80:
The Grenada Home Improvement Scheme
Page 81 and 82:
4. To commence work on the Top Hill
Page 83 and 84:
The Sustainable Development Council
Page 85 and 86:
The updated Public Service Rules an
Page 87 and 88:
These achievements included: • Su
Page 89 and 90:
all sectors of our society. NaDMA w
Page 91 and 92:
The Organisation of Eastern Caribbe
Page 93 and 94:
Mr. Speaker, we have articulated a
Page 95 and 96:
Page 94 2011 Budget Statement
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
show all

Budget Speech 2011 - Government of Grenada

Create successful ePaper yourself

Delete template?

Save as template?