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CDB Applauds Grenada’s Economic Policies

Thursday, February 23, 2017 2:27 PM- George's, Grenada

ST. GEORGE’S, GRENADA, FEBRUARY 23, 2017–GIS: The Barbados based Caribbean Development Bank has applauded the Keith Mitchell led Government in Grenada over measures implemented to rekindle the local economy.

Both the CDB president Dr. Warren Smith and its director of economics, Justin Ram, have praised Grenada’s decision to implement laws to curb spending and hold monthly social partners meetings.

The two are among a series of measures introduced by the Mitchell administration since assuming office four years ago.
Ram says Grenada’s decision to pass fiscal responsibility legislation to control spending in a given year, is commendable.

“Well you are correct, in Grenada they have instituted what we call fiscal role which limits the amount government can spend as they are trying to bring their overall budget into balance,” said Ram.
“It will come about between 20, 25, 2030”.

An initiative he believes to be “very responsible, a good way for government to ensure that their fiscal accounts are in balance and that we have good value for money”.

The CDB president was high in praise for Grenada’s decision to hold public consultations and monthly meetings with social partners on key national issues.

“I think you made an important point about countries, when countries engage in reform, reform sometimes is painful, choices have to be made, difficult decisions have to be made and therefore there is real possibility, in fact, there’s the likelihood of resistance to reform, but I think your country is a very good example of the kind of inclusive way in which policy should be implemented” said Smith.

“It is a process of engagement with the public where there are town hall meetings, there’s opportunity presented for people at the grass root level to hear the government official speak to the reforms that have been carried out, talk about the implication of those reforms and the people get the opportunity to let the government of the day and the officials who are involved in the reforms hear from the horse’s mouth how they are feeling about it and I think that is a very good way to engage”.

Ram and Dr. Smith were addressing media practitioners from around the region attending the annual CDB news conference in Barbados last week.

 

 

 


 

 

 

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