Newly appointed Minister for Finance\u00a0 Hon. Gregory Bowen, in presenting the 2021 Budget before a socially distanced\u00a0 audience at the Parliament building on Wednesday, said, that the scope and\u00a0 magnitude of the challenges presented by the COVID-19 pandemic, will requre bold\u00a0 and decisive leadership.<\/p>\n
Minister Bowen said Grenada has experienced its worst economic downturn on\u00a0 record.<\/p>\n
He intimated that the road ahead will be extremely difficult as we reshape and renew\u00a0 our economy and society in this new and uncertain environment. At the same time,\u00a0 he expressed confidence that the kind of leadership demonstrated previously by this\u00a0 Administration, in rebuilding the economy after Hurricanes Ivan and Emily, and the\u00a0 global financial crisis, will enable us to eventually rise from the ashes of this\u00a0 pandemic.<\/p>\n
Grenada has recorded forty-one cases of COVID-19 to date. Minister Bowen said, as a\u00a0 nation and a people, we have again demonstrated incredible resilience in the face of\u00a0 adversity.<\/p>\n
Minister Bowen highlighted the importance of remaining steadfast in our efforts to\u00a0 protect our people and rebuild our economy. He said while we are proud of our\u00a0 response to the pandemic, much work lies ahead.<\/p>\n
Consistent with the imperatives for recovery, transformation, and resilience, the 2021\u00a0 Estimate of Expenditure provides for a total expenditure (including amortization) of\u00a0 one billion, two hundred and thirty-two million, six hundred and seventy thousand,\u00a0 and forty-nine dollars ($1,232,670,049).<\/p>\n
The Government will strategically prioritise the Public Sector Investment Programme\u00a0 and strengthen systems and capacity to increase the implementation rate of projects\u00a0 and programmes that are deemed to best support resilience, inclusive growth and job\u00a0 creation as fundamental elements of economic recovery and sustainable\u00a0 development.<\/p>\n
Amidst the fact that the pandemic has triggered an unparalleled decline in our\u00a0 economy and compounded our major developmental challenges, the policies, plans,\u00a0 and programmes announced in the budget speech will help us recover in a robust<\/p>\n
For more information on this News Release contact: Chief Corporate Communications Officer (Ag.) Ruth Jacob-Roberts (MA): email:\u00a0financegrenadapr@gmail.com\u00a0Ext: 31151<\/p>\n
and inclusive way, support our social and economic transformation, and further\u00a0 build resilience, Mr. Bowen said.<\/p>\n
The private sector is expected to play a major role in the provision of jobs and\u00a0 resuscitation of the tourism sector, livestock and agroprocessing. The Finance\u00a0 Minister stated that overcoming our current challenges, therefore, requires an\u00a0 extraordinary response. He noted too that with a roll out of one of the country\u2019s\u00a0 largest capital budgets ever, which will generate thousands of employment\u00a0 opportunities for Grenadians, the private sector is energised and will also add\u00a0 thousands of new jobs.<\/p>\n
Minister Bowen said Grenada\u2019s solid fiscal position weakened considerably in the first\u00a0 half of 2020 as revenues declined sharply and expenditure needs grew to cushion the\u00a0 economic blow, dealt by COVID-19, with the combined effect exerting a serious strain\u00a0 on Government\u2019s finances. By year end, current revenues are expected to reach\u00a0 EC$654.2 million, compared to a target of EC$786.2 million, a shortfall of EC$132\u00a0 million. When taken together with current revenues and grants underperformed by\u00a0 EC$236 million as a direct consequence of the pandemic.<\/p>\n
However, the Finance Minister stated that positive economic growth is projected to\u00a0 return in 2021. He said, \u201csignificant efforts will be made to contain recurrent\u00a0 discretionary spending to allow for greater recovery spending on the capital side.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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