budget statement 2012.indd - Grenada Customs & Excise Division

More documents

Recommendations

Info

2.5 ECCU Eight-Point Stabilisation and Growth Programme The details of this Programme were shared in my 2010 Budget presentation. Its key objective is to maintain economic and financial stability in the midst of the recession while preparing for the period of transformation from 2015 to 2020. All member countries of the Currency Union are expected to continue with their fiscal consolidation efforts between 2012 and 2014 and position themselves for the period of transformation thereafter. 2.6 The British American Insurance and CLICO Situation Mr. Speaker, our Government is keenly aware of the hardship that policyholders of BAICO and CLICO are experiencing. From the outset, we have asserted that this is a regional problem that requires a regional solution. Grenada continues to play a key role in this regional solution. We are making progress on the recapitalisation and sale of BAICO’s traditional business which includes: • Universal Life • Whole Life • Endowment • Term • Group Pensions Bids have been received from potential buyers and are now being assessed. We anticipate that the sale which requires Court and regulatory approvals will be finalized in the third quarter of this year. This sale will benefit 2 out of every 3 of BAICO’s policyholders. In the case of Grenada, 4,725 traditional policyholders will have their policies fully secured. The sale of the traditional portfolio will also benefit non-traditional policyholders since these policyholders will receive a greater share of the BAICO estate in its final distribution. 2012 Budget Statement Page 7
The ECCU Governments are continuing to pursue support from the Government of Trinidad for non-traditional policyholders including policyholders with Executive Flexible Premium Annuities (EFPA). It must be noted that BAICO’s Judicial Manager has commenced legal action against CL Financial and instituted separate action against directors of the company including Lawrence Duprey. In respect of CLICO, the Judicial Manager of CLICO International Life Insurance Limited has now received several expressions of interest for the sale of the company. He will seek to conclude the sale within the next five months, subject to necessary Court and regulatory approvals. 3.0 LOCAL DEVELOPMENTS 3.1 Performance of the Grenadian Economy Mr. Speaker, I am pleased to report that the economic downturn, which began in 2008, has ended. After contracting by 5.7% in 2009 and 1.3% in 2010, the Grenadian economy grew by 1.1% in 2011. The recovery was led by growth in Agriculture by 8.1 percent, Tourism by 4.1 percent, Education by 1.8 percent and Manufacturing by 1.5 percent. Regrettably, Construction declined by 8 percent, the third consecutive year of decline. This situation is a source of concern for Government. Table III: Grenada - Real GDP Growth (%) Sectors 2008 2009 2010 2011(e) Agriculture 9.7 12.1 -6.0 8.1 Fishing 7.3 -7.8 9.8 -5.0 Mining & Quarrying -2.5 -19.5 44.2 -1.5 Page 8 2012 Budget Statement
Page 2 and 3: CONTENTS 1.0 INTRODUCTION 2.0 INTER
Page 4 and 5: 1.0 INTRODUCTION Mr. Speaker, I beg
Page 6 and 7: Last year, the US economy is estima
Page 8 and 9: 2.3 Economic Performance of the Eas
Page 12 and 13: Manufacturing -4.9 -5.3 3.9 1.5 Ele
Page 14 and 15: which serve as a proxy for employme
Page 16 and 17: TABLE IV - PERFORMANCE OF VAT AND E
Page 18 and 19: US$6 million - October 1997 US$10 m
Page 20 and 21: Education and Human Resource Develo
Page 22 and 23: • Cuthbert Peters Park in Gouyave
Page 24 and 25: 4.0 FOCUS AND THEME OF 2012 BUDGET
Page 26 and 27: During the past year, Government ad
Page 28 and 29: interest payments; and a further $7
Page 30 and 31: • Water Charges - 25% reduction
Page 32 and 33: The focus this year is on the imple
Page 34 and 35: Energy Development is a pillar of t
Page 36 and 37: The direct benefits of this Program
Page 38 and 39: This is an exciting and promising i
Page 40 and 41: nesses commenced operations within
Page 42 and 43: Since January 2011, VAT on cement,
Page 44 and 45: 6.7 JOB CREATION: IMPLEMENTATION OF
Page 46 and 47: Tenders for the construction phase
Page 48 and 49: Venezuela Multi Project This projec
Page 50 and 51: In terms of infrastructural develop
Page 52 and 53: Health System Strengthening Governm
Page 54 and 55: Government will continue its effort
Page 56 and 57: 4. Construction of Dover Hard Court
Page 58 and 59: Cabinet has received the report and
Page 60 and 61:
With the support of the Government
Page 62 and 63:
or Tainos - and to continue to rais
Page 64 and 65:
6.23 LAW AND JUSTICE In 2012, the M
Page 66 and 67:
The Force will also modernize its K
Page 68 and 69:
The Caribbean Regional Technical As
Page 70 and 71:
Mr. Speaker, the 2012 Budget shows
Page 72 and 73:
Annex II RevenueCollectionsbyDepart
Page 74 and 75:
Annex IV GrenadaFiscal&DebtIndicato
Page 76 and 77:
Annex VI UseofPetroCaribeFunds 2011
show all

budget statement 2012.indd - Grenada Customs & Excise Division

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?