Budget Speech 2011 - Government of Grenada

We commenced the process of tax reform by introducing the Value Added
Tax, which we intend to use as a catalyst to modernize out tax system.
We breathed life into a public sector modernization programme that was
in a comatose state.
As part of that period of adjustment, we have also proceeded to identify
and isolate the fundamental elements of our transformation programme
by identifying those five sectors which, in our view, have the greatest
potential to contribute to the economic transformation of Grenada (“the
transformational sectors”). These sectors are:
• Health, Education and Wellness Services;
• Tourism and Hospitality Services;
• Agri-business;
• Energy Development; and
• Information Communication Technology (ICT).
We have begun to put in place a management structure for these sectors.
Cabinet has appointed Ministerial sub-committees to provide policy
oversight for each sector. The sub-committees are chaired by the relevant
line ministers and, in every case, include the Minister for Finance and the
Attorney General.
Cabinet has also approved the establishment of core technical committees
to support the policy and programmatic work in each of these sectors. It is
anticipated that these committees will be drawn from among persons with
the best expertise and strongest commitment to success - whether in the
public or private sector and whether resident in Grenada or not.
This year, we shall establish the Grenada Transformation Fund,
around which we shall aggressively seek to mobilize resources for the
development of these five sectors. We shall return to these sectors later in
the presentation.
If we are to successfully pursue this programme of economic transformation,
it is essential that we develop a strategy for sustained economic growth.
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2011 Budget Statement