Greater Fiscal Responsibility Ahead

Tuesday, August 29, 2017 3:09 PM - George's, Grenada

ST. GEORGE, GRENADA, AUG. 29, 2017 GOVERNMENT INFORMATION SERVICE (GIS): - Prime Minister and Minister for Finance, Dr. the Right Hon. Keith Mitchell, said there will be greater fiscal discipline going forward, during his presentation of key priority areas, at the 2018 budget retreat earlier this month August.

“The country’s surplus should be an investment for its further development and must be managed responsibly,” the Prime Minister said, continuing on to add that, “

“The Surpluses that are gained by managing ourselves properly, cannot be used just to pay additional salaries, otherwise we’re going back to where we are – where we were before, sorry. I’d like to stay where we are and even more.

The surpluses must be tied to the bending of the capital stocks of our country. By that I mean it must be invested in creating further development in the country.”

He said there would have been no need for Grenada to implement the Fiscal Responsibility Act, or the Structural Adjustment Programme, if its resources were managed properly.

“We have to use our surpluses wisely in response to the competing demands on our resources. Sisters and brothers, we should not have had to have a Fiscal Responsibility Act.

We should not have had to have a Structural Adjustment Programme, supported by friends regionally and internationally, for the decisions – many and most of the decisions - we took. We should have done it for ourselves long, long time ago.”

The Prime Minister said Grenada is fortunate that, even with a Low Capital Stock Investment, it can still maintain an environment that attracts private sector activities to bring in much needed revenue.




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