MINISTRY OF FINANCE AND ENERGY

GRENADA

National Plan 2030

N0. 4/2014 - COMMUNIQUE FROM HOMEGROWN PROGRAMME MONITORING COMMITTEE (HPMC)

 

 

 

Communique FROM HOMEGROWN PROGRAMME MONITORING COMMITTEE (HPMC)

 

N0. 4/2014

 



 

 

The Homegrown Programme Monitoring Committee (HPMC) held its fourth meeting on Thursday, 2nd October 2014, at the Ministry of Finance.

 

 

 

Members present were:

 

  • Mr. Timothy Antoine (Government of Grenada) – Chairman

  • Mr. Alvin Clouden (Conference of Churches in Grenada)

  • Mrs. Aine Brathwaite (Private Sector Organisations)

  • Ms. Sandra Ferguson (Civil Society)

  • Mr. Andre Lewis (Trades Union Council)

  • Mr. Ronald James (ECCB Representative)  (unavailable due to a prior engagement)

 

 

 

Having received the monthly report: 

 

 

 

The Committee observed that Government’s performance for August 2014 was consistent with the targets under the Programme.

 

 

 

The Committee discussed the grants received at the end of August and although grants received were still below target, the shortfall had been reduced.  The Ministry of Finance informed the Committee that strong efforts were being made to maximize grants collected by the end of the fiscal year (2014).

 

 

 

The Committee welcomed the increase in capital expenditure since July 2014 since it had previously expressed concern about the level of capital spending versus target. Capital expenditure for the period amounted to $135.9 m, $6.5 m above the targeted $129.4 m. The Committee suggested that in respect of new capital projects, opportunities should be taken to introduce innovations which would enhance the self-reliance of households and communities, decreasing the burden on government to provide certain services.  For example, the burden to NAWASA could be reduced by encouraging the building of cisterns to harvest water.  This is a practice widely used in Carriacou and is a measure already identified in Grenada’s Climate Change Policy.  The Committee also noted the need to educate and sensitize the general public on the issue of short term benefits versus the long term costs in respect of certain interventions and policy measures.  This is an area in which the Social Partners could lend significant assistance to the government.

 

 

 

The Committee was informed that Cabinet has approved the Attrition Policy and a copy has been circulated to members. The committee noted that EC$6M will be paid to Pensioners as part of their retroactive payment.

 

 

 

The Committee was informed of the resignation of Mr. Ronald James from the Eastern Caribbean Central Bank and expressed its gratitude to Mr. James, for his time served on the Committee. The Committee also wished him well in his new job.  The ECCB has indicated to Government that a replacement has already been nominated to serve on the Committee.

 

 

 

The next meeting of the HPMC is scheduled for Thursday, November 6th, 2014.

 

 

 

 

N0. 5/2014 - COMMUNIQUE FROM HOMEGROWN PROGRAMME MONITORING COMMITTEE (HPMC)

 

 

 

 


COMMUNIQUE FROM HOMEGROWN PROGRAMME MONITORING COMMITTEE (HPMC)


N0. 5/2014


 

 


The Homegrown Programme Monitoring Committee (HPMC) held its fifth meeting on Thursday, 6th November 2014, at the Ministry of Finance.


Members present were:

 

  • Mr. Timothy Antoine (Government of Grenada) – Chairman

  • Mr. Alvin Clouden (Conference of Churches in Grenada)

  • Mrs. Aine Brathwaite (Private Sector Organisations)

  • Ms. Sandra Ferguson (Civil Society)

  • Mr. Andre Lewis (Trades Union Council)

  • Ms. Zanna Barnard (ECCB Representative) 

     

    The Committee after reviewing the monthly report for October 2014 noted that the Government of Grenada (GOG) is on track in meeting its end of year targets. 

     

    Grenada’s economy is expected to continue on its growth path in 2014 albeit at a slightly lower than 2013.  The projected rate is 2.6 percent.

     

    Concerns were expressed by the Committee about the effective monitoring of approved projects under the Citizenship by Investment Program (CBI).  The Committee recommended that the CBI Committee which is tasked with this monitoring function ensures Grenada receives the proposed benefits.  The Committee also encouraged that the proceeds of the CBI programme be used for productive activities.

     

    The Committee raised concerns about the recently published “2015 Doing Business Report” which showed a drop in Grenada’s ranking.  The Committee encouraged Government to take all necessary steps to improve Grenada’s ranking.  The Chairman assured the Committee that concrete steps were being taken in this regard commencing with the passage of the Investment Bill in November 2014.

     

    The Committee welcomed Ms. Zanna Barnard, the Eastern Caribbean Central Bank’s new representative on the Monitoring Committee.  The Committee looks forward to working with Ms. Barnard.

     

    The next meeting of the HPMC is scheduled for Thursday, December 4th, 2014.


 

 

 

N0. 2/2014 - Communique FROM HOMEGROWN PROGRAMME MONITORING COMMITTEE (HPMC) (2)

 

 

 

Communique FROM HOMEGROWN PROGRAMME MONITORING COMMITTEE (HPMC)


N0. 2/2014



 

 

The Homegrown Programme Monitoring Committee (HPMC) held its second meeting on Thursday, 7th August 2014, at the Ministry of Finance.

 

 

 

Members present were:

 

  • Mr. Timothy Antoine (Government of Grenada) – Chairman

  • Mr. Alvin Clouden (Conference of Churches in Grenada)

  • Mrs. Aine Brathwaite (Private Sector Organisations)

  • Ms. Sandra Ferguson (Civil Society)

  • Mr. Andre Lewis (Trades Union Council)

  • Mr. Ronald James (Eastern Caribbean Central Bank)

 

 

 

The Committee noted that revenue collection for the first six months was robust ($18.9 million above target) but also recognized that there was room for improvement in tax administration. The Committee therefore urged Government to strengthen tax administration but also encouraged taxpayers to meet their tax obligations.

 

 

 

The Committee noted that budgetary grants for the first half of the year had underperformed        ($10 million shortfall) and encouraged Government to intensify its efforts to meet its targets for grants by the end of the year.

 


With respect to capital expenditure, the Committee observed that capital expenditure was short of the programmed target largely due to financing constraints. However, recognizing its significant implications for spurring growth and job creation, Government was strongly encouraged to take steps to increase capital expenditure in line with the established target.  In this regard, the recent external disbursements from the IMF and the World Bank for the Home-grown Programme were welcomed.  It was also disclosed that the EC$48.5 million received thus far were being used for priority programmes and projects such as tourism marketing and airlift support, paying for medicines at the Hospitals and clinics, reducing unpaid claims to domestic suppliers, support for small business development and road maintenance and physical infrastructural improvements.

 

 

 

Concerns were expressed by the Committee regarding the ongoing Argentina debt default situation and its implications for Grenada’s debt restructuring.  The Committee was assured by the Chairman that negotiations with Creditors are being pursued in “good faith”.

 

 

 

The Committee recognized the progress made towards achieving the target of a 20% reduction in non-personnel expenditure (11% for the first six months), but felt more could be done and urged the Government to so do.

 

 

 

The Committee welcomed efforts by Government to reduce Unpaid Claims especially to the domestic suppliers ($22.7 million over the past six months), noting that it would help small businesses and help stimulate economic activity and job creation.

 

 

 

The next meeting of the HMC is scheduled for Thursday, September 4th, 2014.

 

 

 

 

 

 

 

 

 

 

 

 


 


 

N0. 1/2014 - COMMUNIQUE FROM HOMEGROWN PROGRAMME MONITORING COMMITTEE (HPMC) 1 (3)

 

Communique FROM HOMEGROWN PROGRAMME MONITORING COMMITTEE (HPMC) 1

 


 

The Homegrown Programme Monitoring Committee (HPMC) held its inaugural meeting on Tuesday July 22nd, 2014, at the Ministry of Finance Conference Room.

 

The members of the Committee are:

  • Mr. Timothy Antoine (Government of Grenada) – Chairman

  • Mr. Alvin Clouden (Conference of Churches in Grenada)

  • Mrs. Aine Brathwaite ( Grenada Private Sector Organisation)

  • Ms. Sandra Ferguson (Civil Society)

  • Mr. Andre Lewis (Trades Union Council)

  • Mr. Ronald James (Eastern Caribbean Central Bank)

 

The Committee was established by the Committee of Social Partners (CSP), which is chaired by Prime Minister, Dr. the Rt. Hon. Keith Mitchell, and includes representatives from the Conferences of Churches in Grenada; the Grenada Private Sector Organisations; the Civil Society and the Trades Union Council. The HPMC is mandated to monitor the Homegrown Structural Reform (Adjustment) Programme to ensure its effective implementation and would be in place for the duration of the Programme (2014 – 2017).

 

The Committee decided that it will: 

  1. Meet on the first (1st) Thursday of every month to discuss the updated Report from the Ministry of Finance. (Report to be circulated one week in advance).

  2. Issue a Communique within one (1) week of each meeting.

  3. Consider the impact of the measures as they are implemented.

  4. Monitor the following issues: 

   a.Growth

   b. Inflation

   c. Employment

 

   d. Debt (including Primary Balance)

   e. Arrears to domestic suppliers

On the foregoing issues, the Committee discussed the frequency of reporting with the Ministry of Finance and is expected to receive reports on a monthly, quarterly and annual basis, depending on the availability of data.

 The next meeting of the HPMC is scheduled for Thursday, August 7th, 2014.

 

 

 

 

 

 

 

 

 

N0. 3/2014 - Communique FROM HOMEGROWN PROGRAMME MONITORING COMMITTEE (HPMC)

 

 

 

 

 

 

Communique FROM HOMEGROWN PROGRAMME MONITORING COMMITTEE (HPMC)

N0. 3/2014

 


 

The Homegrown Programme Monitoring Committee (HPMC) held its third meeting on Thursday, 4th September 2014, at the Ministry of Finance Conference Room.


 


Members present were:


  • Mr. Timothy Antoine (Government of Grenada) – Chairman

  • Mr. Alvin Clouden (Conference of Churches in Grenada)

  • Mrs. Aine Brathwaite (Private Sector Organisations)

  • Ms. Sandra Ferguson (Civil Society)

  • Mr. Andre Lewis (Trades Union Council)

  • Mr. Ronald James (ECCB Representative) (unavailable due to official travel)


 


The Committee noted the International Monetary Fund’s first review and the Government’s “strong start” on the Program.


 


The Committee also noted the significant challenges ahead and the need for continued fiscal discipline.


 


Having received the monthly report from the Ministry of Finance, the Committee noted targets for July 2014 were met.


 


The Committee received and discussed a report on the performance of the productive sectors for the first six months and welcomed the growth in Agriculture, Tourism and Education.  While the performance of the Agriculture sector was robust, the Committee noted the decline in export earnings for both nutmegs and mace.  The Ministry of Finance officials were asked to look into the matter.  The Committee also noted the decline in the Manufacturing Sector. 


 


On the matter of unemployment, the Committee awaits the results of the Labour Force Survey scheduled for September and October 2014.


 


In a broader discussion, the Committee expressed concern about whether and to what extent; Grenada was getting an adequate return on Government’s investment in Carnival and the viability of Spicemas Corporation.  The Committee was of the strong view that there ought to be more private sector participation in the funding, management and marketing of Spicemas.


 


The next meeting of the HPMC is scheduled for Thursday, October 2nd, 2014.


 

 

 

 

 

Concerns were expressed by the Committee regarding the ongoing Argentina debt default situation and its implications for Grenada’s debt restructuring.  The Committee was assured by the Chairman that negotiations with Creditors are being pursued in “good faith”.

 

 

 

 

 

 

 

The Committee recognized the progress made towards achieving the target of a 20% reduction in non-personnel expenditure (11% for the first six months), but felt more could be done and urged the Government to so do.

 

 

 

 

 

 

 

The Committee welcomed efforts by Government to reduce Unpaid Claims especially to the domestic suppliers ($22.7 million over the past six months), noting that it would help small businesses and help stimulate economic activity and job creation.

 

 

 

 

 

 

 

The next meeting of the HMC is scheduled for Thursday, September 4th, 2014.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 


 

 

 

                     

 

               

 

 

Copyright © 2017, Ministry of Finance and  Energy Grenada. All Rights Reserved.