The Government of Grenada on Monday presented an EC$1.6 billion budget to the Parliament for 2024 under the theme, ‘Grenada at 50, Empowering Our People, Transforming Our Nation.’
Finance Minister Dennis Cornwall in his inaugural presentation said this Budget is a budget by the people and for the people.
He says it provides for total expenditure, including principal repayment of $1,656, 356, 499.
The following is the overall budget summary:
- Recurrent revenue: $1.2 billion
- Total Grants: $104.6 million
- Recurrent expenditure: $901.4 million
- Capital Expenditure: $419.5 million
- Current Account Surplus: $315.4 million
- Principal Repayments (Amortisation): $335.5 million
- Primary Surplus (after grants): $57.2 million
- Overall Surplus: $0.6 million
The following allocations will be made to each sector:
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Health and Wellness: $117.9 million
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Education, Youth, Sports and Culture: $240.5 million
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Agriculture: $49.2 million
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Infrastructure Development: $136.1 million
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Housing, Social, Community and Gender initiatives: $80.3 million
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National Security, Prisons, Police Service: $121.5 million
Here are some Budget highlights:
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Effective January 1, 2024, government will implement a new minimum wage of $60 a day across all sectors.
- From January 2024 the first phase of new tax system will be rolled out called Grenada Tax which will allow online filing and payment of VAT, Corporate Income Tax and PAYE.
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Cabinet has agreed to extend the honorarium of $500 per month for nurses for a further period of 12 months, effective January 2024 and to provide a honorarium of $1,000 per month for doctors for the same period.
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Decision made to remove the requirement for school children to pay $1 for the school meal in primary schools and the $3 in secondary schools, to ensure that school children are guaranteed a nutritious and healthy meal.
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All IMANIs working in the Public Service will be granted employment contracts. Their minimum stipend will be changed from $700 per month and be paid a minimum salary of $1,200 per month, at an additional cost of $14 million.
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Cabinet has approved for SEED beneficiaries who are 65 years and older, and for SEED beneficiaries with physical disabilities or who are differently abled or those with mental illnesses a permanent increase of $200 per month to take effect from January 2024.
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All duties, taxes and fees on the importation of electric vehicles as well as charging stations will be removed. Furthermore , the government will only charge 25 percent duties, taxes, and fees on hybrid vehicles, providing additional incentives for individuals and businesses.
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Government will transition its existing fleet of vehicles to electric or hybrid vehicles. Accordingly, Government will target 100 per cent of all new vehicles purchases next year to be electric or hybrid.
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For citizens 18 years and over, passports will now be issued for 10 years and for citizens under 18 years for 5 years.
The Finance minister notes the budget for Carriacou and Petite Martinique for 2024 has increased from $22.8 million to $33.4 million, an increase of $10.6 million, relative to the 2023 allocation.
