Grenada's implementation of EU programme rated a sucess

ST. GEORGE’S GRENADA, Thursday December 29,  2011: On December 9th 2011, the European Union (EU), in respect of the last tranche of the 9 EDF (European Development Fund) General Budget Support programme, disbursed 1, 376, 250 Euros to Grenada.

With this disbursement, Grenada would have drawn down 98% or a total of 20 million Euros of the total available funds under this programme.

In a letter to the Minister of Finance, Hon. Nazim Burke, the Head of the European Union in Barbados, Mr. Valeriano Diaz, stated: “ …, this programme has been a success … I seize this opportunity to congratulate you and your administration for the many advances achieved during the course of the implementation of this programme…” He went on to list the achievements as:

ü   Good macroeconomic policy management despite the protracted global economic environment;

ü   Good public finance management as recognized by the Director of Audit, based on the reliability of the Financial Statements for the year ended December 2009;

ü   The improvements in the business environment, as recognized in the Doing Business studies undertaken by the World Bank.

The letter stated that the EU will continue to consider further budget support disbursements during the next three financial years and encouraged Grenada to undertake a number of activities, including the following:

§    Continue with the implementation of its Public Finance Management (PFM) reform Action Plan which will enable greater efficiencies in terms of public funds management across the administration;

§    Establish an integrated tax inspection/audit function;

§    Improve the tax arrears tracking system;

§    Overhaul the procurement systems through the implementation of the Public Procurement and Contract Administration Bill; and

§    Continue with the implementing of the revised Extended Credit Facility entered into with the IMF.

Commenting on the sentiments expressed in the letter, Minister Burke stated that he is, “encouraged and heartened by such encouraging words. It shows that despite the challenges that we are faced with as a result of the economic crisis, Grenada is able to achieve many success and be recognized for it internationally.”