budget statement 2012.indd - Grenada Customs & Excise Division

Cabinet has received the report and established a working group
including representation from the Public Workers Union and the
National Insurance Scheme to guide the work of the actuary in development
of a new pension plan.
Cabinet expects to receive reports and final recommendations within
the next few months.
Mr. Speaker, it is Government’s intention that the new pension
scheme will come into effect from January 2013.
Mr. Speaker, Government is cognizant that negotiations with the
unions representing public workers are ongoing and wish that these
would be completed as soon as possible.
Mr. Speaker, in the interest of time, I will not attempt to spell out
Government’s priorities in every area. In addition to those previously
outlined, the Budget Statement sets out, for public scrutiny, Government’s
priorities in other important areas including: Financial Sector
Regulation, Environmental Management, Trade and Export Development,
Cultural and Entertainment Industries, Public Sector Modernisation,
Good Governance, Constitutional Reform, Law and Justice,
Parliamentary Elections Office, National Security, Prison Reform
and Disaster Mitigation and Management.
Moreover, we have prepared and set out in annexes to this Statement,
some very useful information including other fiscal and economic
data. We encourage all Grenadians to familiarize themselves with the
information in these annexes.
6.16 FINANCIAL SECTOR REGULATION
In 2011, the Grenada Authority for the Regulation of Financial Institutions
(GARFIN) continued its programme of enhancing the regulation
and supervision of the non-bank financial sector in Grenada.
The new Cooperative Societies Act became effective in September
2011. This Act complements the new Insurance Act of 2010 and the
new Money Services Business Act of 2009.
2012 Budget Statement Page 55