FinanceINSIDE

Volume 5, Issue 2, March - April 2009

GRENADA

A Publication of the Ministry of Finance, Planning, Economy, Energy, Foreign Trade & Cooperatives

“... the engine room of the Public Service...”

unprecedented global economic and financial crisis.

The Social partners and Government will be called on to work in a united manner around broad objectives for the repositioning of the Grenadian economy, the reduction of social disparities, increased competitiveness, increased productivity, A group of representatives from the local civil society

good industrial relations and good governance.organizations, who together with officials of the The specific objectives will include:Ministry of Finance constitute the Social Pact

thCommittee, met for the first time on Friday March 27 , 2009 to discuss the modalities for the drafting of a Protocol for Social Partnership for Grenada. The meeting was under chaired by the Hon. V. Nazim Burke, Minister for Finance. Since then they have been meeting on a continuous basis.

This initiative follows the National Dialogue on the Impact of the Global Economic Crisis on Grenada, organized by the Multipartite Consultative Committee

th • The stimulation of the productive sectors for the on February 5 , 2009, and is a further manifestation purposes of generating employment, foreign of Government's response to the popular call for exchange and enhancing food security;dialogue and coordinated action among stakeholders

• The stimulation of the construction sector;in working out responses to this crisis. • The preservation of existing employment and the

creation of new employment;The meeting examined the framework for the • The achievement of a balance between prices and configuration of a Draft Social Pact for Grenada. This

incomes; andincluded the issues of representation on the Drafting • The provision of well targeted safety nets.Committee; the matter of chairmanship; the system of

reporting; and the resources required for the The Social Pact Committee will submit the Draft Social Pact execution of the initiative. In addition, the meeting Protocol to the Multipartite Consultative Committee for looked a Statement of Principles and Objectives for review before the report is given to Cabinet.the protocol itself..

The members of the Drafting Committee are as follows:

Mr. Timothy AntoinePermanent Secretary, Ministry of FinanceSen. Christopher DeAlliePrivate Sector RepresentativeMrs. Madonna HarfordPresident, Grenada Trade Union CouncilA Representative of the Non-Governmental Organizations

It is expected that the Protocol will generally seek to create the basis for a partnership for economic survival and social cohesion in the face of the current

PROTOCOL FORSOCIAL PARTNERSHIP

Hon. Prime Minister Tillman Thomas, Hon. Minister Nazim Burkeand Social Partners at Consultation

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“... the engine room of the Public Service...”2 INSIDE FinanceFinance

With the world currently basic priorities that pertain to everyone. These are water, food, experiencing a financial and shelter and are called 'survival priorities.' In fact they are meltdown, each and every the basic needs of every living creature, including us humans, one of us will at some point and must be placed at the top of everyone's priorities. have to take stock of our financial situation. Yes, it Therefore, when we get paid, we must first take care of food will affect all of us and the and accommodation. Deciding to skimp on the groceries and

sooner we face that reality, necessary health items in order to purchase a new perfume or the better off we will be. So so may turn out to be a decision with dire consequences. So

what should we do? too could be the decision to put off paying the rent/mortgage or utilities because when we do, we may start experiencing

Although some may feel the effects more and more problems resulting in extreme financial more than others, one thing we can difficulties and even more stress!

all do is to reestablish our financial priorities so that we take care of our needs Transportation is usually a big expense, but that expense is

rather than our greeds. In short, we separate our wants from necessary to get children to and from school and to get us to our needs. And, how do we do this? and from our places of work, where we earn our monies. We should therefore make sure we have sufficient money for We must first understand the meaning of the word priority. transportation or make some meaningful arrangement to get According to Merriam Webster Online Dictionary a priority is us and our children to and from work and school. (It must be “something given or meriting attention before competing noted here that education should be considered a priority).alternatives”. In other words, it is a preferential rating that allocates rights to goods and services that are usually in Then, if there is any money left over, we need to put it away for limited supply, that is, they are ranked as first, second, and the 'rainy day'. Yes we need to save! One can never tell when third in a hierarchy of preferences. an emergency may 'pop up', or as the ole folk say, “when you

may knock ova someone kerosin.” It is only after all this that we Whether we realize it or not, we set financial priorities on an can think of the other things we may want.almost daily basis. Some of us may decide that a new washing machine is more important than paying the electricity bill or So, setting financial priorities is about what is most important. the water bill and so forfeit paying that bill in a particular It is not about what we want. It is about postponing 'fun stuff' in month in order to get that washing machine. This is not an order to ensure that our families have the basic needs and that extreme example, for some people actually do these things bills are paid. Often it is about making sacrifices. This does not and end up in financial trouble. In the end, they may not have mean however, that we cannot have the 'fun stuff'; it just the electricity or water to run the machine! means that we have to do it on a different timetable.

This scenario illustrates that there are consequences to our And finally, we have to learn to say “No”. No to decisions, some of which could have far reaching financial friends/families who may encourage us to waiver from our implications. It further suggests that we need to carefully priorities; no to temptations that may encourage us to forfeit determine what should take precedence over the next and the payment of a bill in order to go to the next big show; and no plan our expenditures accordingly - which all boils down to to the next 'get rich quick' phenomenon which is often very setting priorities. tempting, but which may turn out to be only a scam that may

cause us to lose our monies in the long run, as has been the In theory, setting priorities is simple. Firstly, on a daily, weekly, experience of many lately, some of whom have lost their entire fortnightly or monthly basis, one must decide on one's life savings!expenditures. Then, one has to compare the expenditure to one's available income, including salary and/or monies So let us try to keep our 'heads on' and make the right coming from other sources. If the expenditure turns out to be decisions during this financial meltdown. Let us prioritise and more than the income, then, keeping in mind that one cannot focus on our needs and not on our greeds!spend what one does not have, one must now decide on the most important expenditures and place them at the top of the spending list. If the decision is that the washing machine is more important than the electricity bill, then one must bear in mind that it may result in one being in the dark with no ability to use the machine after all!

According to a writer by the name of Terry Craig, there are

RemarksE or's FINANCIAL PRIORITIES

PPeettrr

3INSIDE FinanceFinance“... the engine room of the Public Service...”

MINISTER'S NOTEHon. V. Nazim Burke

OAS Permanent Representative Mr. Terrance Craig, Permanent Secretaries, Ambassador designate to the OAS Gillian Bristol, Heads of Department, Specially Invited Guest, Resource Person from the OAS, Members of the Media, Workshop Participants, Ladies and Gentlemen.

It is with great pleasure that I stand here today to declare open this important training Workshop. The Workshop is aimed at helping participants develop an understanding of the tools and methodologies used in preparation of projects for consideration by the OAS.

At the end of the Workshop it is expected that participants would be able to utilize the tools and methodologies presented and discussed to develop the logical framework, which is considered critical to preparation of a proper project profile or larger project document.

In the budget presentation earlier this year, strengthening economic management was identified as one of the key priorities of the Ministry of Finance for the fiscal year 2009.

One of the critical elements in strengthening economic management is improvement in the performance of the Public Sector Investment Programme (PSIP).

In order for there to be any improvement in the PSIP, we must institute a continuous programme of training for public officers who are entrusted with the responsibility for preparing and implementing projects across the various Ministries.

Sisters and brothers, if we are to survive this current Global Financial Crisis and in light of the constraints we face because of our huge national debt, we will have to redouble our efforts at resource mobilization to be able to finance our development agenda. For us to do this successfully, we must have a sufficient cadre of persons who are able to prepare projects that will attract resources from our bilateral and multilateral friends abroad.

Therefore, participants should take the Workshop seriously and make full use of the opportunity provided.

Brothers and sisters, we are endeavouring to rebuild the PSIP and seriously improve our ability to utilize in a timely and efficient manner resource given to us by donors. For us to be able to do so, we must:• better manage the project cycle process;• improve co-ordination of the PSIP with adequate

budgetary controls; and• provide clear direction to the Public Sector Investment Program.

This Workshop is the second in a series of training activities aimed at improving the capacity through out the public sector to prepare and implement development projects.

Additionally, seven (7) persons have received training in various aspects of project management under a Caribbean Development Bank training program in Trinidad and Tobago between January to March of this year.

It is my hope that participants would take the Workshop seriously by actively participating.

The Workshop is led by a Senior Official within the OAS who has tremendous experience in the logical framework approach for project design and is Secretary to the highest project approval body in the OAS. In other words, the resource personnel provided sees and reads every project that comes to the OAS for consideration.

We provide you with the best resource personnel and we hope that you make full use of her over the next two and a half days (2 ½) days.

May God bless you and I wish you the very best over the next two and a half days (2 ½) days.

I thank you.

Keynote Speech by the Minister for Finance

On the occasion of the

Opening of the Logical Framework Approach For Project Design Workshop

Opening of the Logical Framework Approach For Project Design Workshop

4INSIDE FinanceFinance “... the engine room of the Public Service...”

Continues on pg. 5

dampened tourism receipts. Work on most foreign direct investment (FDI)-financed tourism projects has been put on hold, resulting in a marked slowing of construction activity. Real GDP is expected to contract by 0.7 percent in 2009 as the impact of the global downturn takes full effect, by lowering tourism receipts, FDI, and remittances. Inflation, after peaking at 8.3 percent in July 2008, fell to 5.2 percent at end-December 2008, associated with declining world fuel and food prices, and is expected to decline further in 2009.

Reflecting the strong measures taken after the new government took office in July 2008, the authorities have made significant progress with their economic programme, including a sizeable improvement in the fiscal balance. The mission welcomed the government's success in bringing down the large stock of unpaid claims (domestic arrears). However, performance on the primary fiscal balance appears to have fallen slightly short of target, reflecting significant but less than

Ms. Catherine Pattillo, head of an International Monetary Fund full progress in improving the control of capital expenditure and (IMF) Staff Mission to Grenada, issued the following statement lags in the passthrough of lower world fuel prices. In this regard, in St. George's on March 24, 2009: we welcome recent efforts by the government to amend the

petrol tax law to permit adjustment of fuel prices every 4 weeks. “An IMF mission visited Grenada during March 16-25 to Given the impact of the global slowdown on Grenada's conduct discussions for the third review of the government's economy, the authorities have reprioritized the capital home-grown economic program that is supported by the IMF's expenditure programme for 2009 to provide the greatest Poverty Reduction and Growth Facility (PRGF). The mission stimulus to economic activity, and have started to undertake had a constructive dialogue with Prime Minister Tillman well-targeted spending to protect vulnerable groups. A set of Thomas, Finance Minister Nazim Burke, Permanent Secretary priority projects is being selected and the public assistance Timothy Antoine and other senior government officials, and program will be expanded. The mission supports the representatives of public enterprises and the private sector. Staff authorities' efforts to facilitate major private investment from the Caribbean Development Bank (CDB) and the Eastern projects that would help stimulate economic activity.Caribbean Central Bank (ECCB) participated. Discussions focussed on recent economic developments, fiscal The mission agreed with the government on the importance of a performance, progress with the government's economic and more focused fiscal programme in 2009 to address the adverse structural reform agenda, and a policy framework for the effects of the global economic slowdown. Given Grenada's remainder of 2009 taking into account the deteriorating global high public debt burden, which constrains the ability to respond environment. In this connection, the authorities have requested to exogenous shocks, placing debt firmly on a downward path an augmentation of access under the PRGF, leading to a higher must remain the priority, particularly through determined disbursement, which will be considered by the IMF's Executive efforts at fiscal consolidation. The mission welcomed the Board. planned introduction of the VAT on February 1, 2010, which

will lay the foundation for a broader tax base that will enhance “Economic growth has decelerated sharply due to the global revenues. Following the completion of the tax amnesty, the economic slowdown. Real GDP is estimated to have grown by authorities plan appropriately to enhance the use of tax around 0.3 percent in 2008 as weakened global demand enforcement measures. On the expenditure side, the main

Statement by an IMF Staff Mission to Grenada

Hon. Minister Nazim Burke, Ms. Catherine Pattillo and Staff of the IMF and Ministry of Finance at Press Conference

5INSIDE FinanceFinance“... the engine room of the Public Service...”

Continued from pg. 4

challenges are a prudent public sector wage policy, implementing strictly the refocused capital expenditure “On the issue of Capital Bank International Ltd., the authorities programme, and rationalizing social programmes for better petitioned the High Court for liquidation in November 2008, targeted spending to protect vulnerable groups. Furthermore, following consultation with the ECCB, pending legal issues the establishment of a Waste Reduction Unit and Public have delayed the resolution of the bank. Procurement Authority will facilitate improvement in the efficiency of government spending. “Overall, the government has made significant efforts to

strengthen implementation of the economic and structural The authorities have also made some progress with structural reform programme supported by the PRGF arrangement. The reforms to support improved economic management, and mission welcomed the authorities' commitment to addressing promote a foundation for broad-based growth. A Debt the challenges of the adverse external environment, and to Management Unit was established in the Ministry of Finance in strong and sound economic and fiscal management. IMF staff January 2009 and it is expected to improve the effectiveness of will continue to work closely with the authorities to assist them and develop a strategy for debt management. The new draft in such efforts, including through technical assistance, and Investment Act is in the final stages of review, which will supporting the government's efforts to mobilize donor support. provide a transparent and level regime for domestic and foreign Upon return to Washington, the IMF mission will prepare the investors and replace tax holidays with investment allowances. necessary documentation for the IMF Executive Board to The authorities are also implementing a customs reform plan, consider Grenada's request to complete the third review.developing an action plan to improve Grenada's Doing Business Indicators, and are completing the Country Poverty “The mission thanks the Grenadian government officials for Assessment, with support from the CDB. On the latter, the their close cooperation and looks forward to a continued government intends to use the findings to strengthen its strategy constructive dialogue on the economic challenges facing to reduce poverty and improve social indicators. Grenada.”

6 INSIDE FinanceFinance “... the engine room of the Public Service...”

In an effort to address this issue and to bolster public confidence, we wish to advise that Trinidad and Tobago, Barbados and Member States of the ECCU have agreed to establish a “Liquidity Support Fund” which would provide additional liquidity to the financial sector in the ECCU.

In relation to British American Insurance Company, the initial contributions toward the Fund would be comprised as follows:

1. The Government of Trinidad and Tobago through the CARICOM Petroleum Fund – US $50 million;

2. The Government of Barbados – US $5 million;

3. ECCU Governments and ECCB facilities – US $10 million;

4. Regional and International Organizations – US $15 million.

Tuesday, April 14, 2009, St. George's: After weeks of close collaboration with Governments and regulators of the Eastern Plan for CLICO policiesCaribbean, Trinidad and Tobago, Barbados and Grenada, The Government of Barbados has advised of plans for the culminating in a meeting in Antigua on April 02, 2009, the Insurance Corporation of Barbados to purchase CLICO Ministry of Finance and GARFIN are pleased to update the International Life (Barbados). The CLICO International Life public on efforts to protect depositors and investors of CLICO entities in the ECCU are branches of CLICO International Life and British American in Grenada. (Barbados). The member Governments of the ECCU intend to

give full support to this initiative.This collaborative approach is consistent with the statement of Prime Minister Thomas after the special meeting in It is our expectation that this transaction will provide the requisite Barbados on March 05, 2009 when he indicated that this is a liquidity to ensure that CLICO Grenada is able to continue to meet regional issue that requires a regional solution. all its obligations. However, some patience is needed until the

purchase agreement is finalized.Under the Chairmanship of Dr. the Hon. Ralph E. Gonsalves, Prime Minister of St. Vincent and the Grenadines, a meeting

Sale of Executive Flexible Premium Annuity Stoppedwas convened in Antigua on April 02, 2009 to further

The business model of offering high interest rates has contributed consider a regional solution to the CLICO and British

to the current difficulties experienced by the CL Financial Group. American issue. In attendance were: the Prime Ministers of

This model has failed and cannot be allowed to continue.Barbados and Dominica, Chief Minister of Montserrat, Ministers of Finance and other officials from the Ministries of The public is hereby advised that GARFIN has sought and Finance of the Eastern Caribbean Currency Union (ECCU), received written confirmation from British American and CLICO Barbados and Trinidad and Tobago, along with Governors of that they are no longer selling the Executive Flexible Premium the Central Banks of Barbados, ECCB, Guyana and Trinidad Annuity (EFPA) product. and Tobago, the Secretary General of CARICOM, Insurance Regulators of the ECCU and Guyana and representatives of The public is hereby informed that the sale of this product is not the OECS Secretariat. authorized by GARFIN and they should not purchase it. If any

person is approached by anyone to buy this product, the person The Establishment of a Liquidity Support Fund approached should notify GARFIN immediately.The Government of Grenada and GARFIN are keenly aware

In respect of existing EFPA policies, GARFIN is writing to both that some policyholders of British American have companies requesting that they reduce the interest rates of these experienced delays with payments on their matured policies.

JOINT STATEMENT FROM THE MINISTRY OF FINANCE AND THE GRENADA AUTHORITY FOR THE REGULATION

OF FINANCIAL INSTITUTIONS (GARFIN)

Hon. Minister Nazim Burke (c), P.S. Timothy Antoine (l) and Angus Smith Executive Director of GARFIN (r) at Press Conference

18 7INSIDE FinanceFinance“... the engine room of the Public Service...”

policies to normal commercial rates on the anniversary date Patience and Support of the Policyholders NeededGiven the current efforts underway to resolve this major issue, the of these policies. patience and cooperation of all policyholders is needed in the following areas:Commitment to maintain CLICO and British American as

Going Concerns1. Avoid seeking early surrenders and early withdrawals as such The meeting in Antigua considered mechanisms for

demands do not help the current situation. Priority will have cooperation among the Member States of Barbados, the to be given to policies which have matured;ECCU and Trinidad and Tobago and agreed on a strategy

2. Understand that the high rates currently offered will not which would maintain the viability of British American and continue and will most likely be reduced at the anniversary CLICO in the ECCU in order to safeguard the interests of date of their policies; and policyholders of these institutions.

3. Consider renewing their policies when they mature to ease the liquidity situation.

This strategy includes the establishment of a Liquidity Support Fund and the likely restructuring of the operations of With the establishment of the Liquidity Support Fund, the other British American. plans being explored for the long term viability of both

companies, and the cooperation of the public, we believe that the In this regard, countries present recognized the need to

interests of policyholders of British American and CLICO should maintain British American in the Bahamas, under which the

be protected.British American branches in the ECCU fall, as a going concern and agreed to communicate with the Prime Minister We intend to keep policyholders and the public informed on this of the Bahamas on this matter. As regards CLICO, the very important matter. purchase by the Insurance Corporation of Barbados is expected to ensure its continued existence as a going concern. Continued Regional CooperationThe concerns of Guyana with CLICO Bahamas were also The meeting endorsed the continued cooperation among acknowledged. insurance regulators in CARICOM to ensure the continued

stability of the financial sector.

8 17INSIDE FinanceFinance “... the engine room of the Public Service...”

Prime Minister Hon. Tillman Thomas has welcomed the Finance Minister, Nazim Burke was cautiously excited, news that Grenada has jumped 10 places in the suggesting that while the news is good, it marks the start of Institutional Investor's March 2009 country credit rating a process designed to restore Grenada's ability to access report. international financing and manage its own debt, which

spiraled almost out of control, within the last eight years.The semi-annual credit worthiness report, conducted every six months by the respected Institutional Investor The Finance Minister said the rating, along with the recent

th pronouncements of the IMF shows there is growing Magazine moved Grenada from 116 , where it was ranked international confidence in the new atmosphere of in September 2008, to 106th in the world community of responsible economic management in St. George's.nations.

“This shows that this government's programme of “This shows that the steps we took to ensure proper financial management is beginning to catch the eyes of the management of the country are working. We will continue international community. This is a positive development to work towards a strong economy that will benefit from that we are pleased about. We are committed to working the rebirth of our productive sectors and stands to gain with the international community to move this rating even even further, when the world rebounds from this economic further by managing our debt, while creating jobs for our crisis,” the Prime Minister, who is in Trinidad for the fifth people and developing our country,” Mr. Burke said. Summit of the Americas, said Friday.

The rating is even more significant as all the major The report comes amidst the global economic downturn economies of the world are performing negatively, with and the Grenada governments attempts to stimulate the the United States falling by five points, as it struggles to economy with the recently announced 16M stimulus, implement its own economic stimulus package. which saw support for job creation, infrastructural

development and investments in the Agricultural sector.In the case of CARICOM countries, the Bahamas improved ten places from 51 to 41, Guyana moved 15 The news comes on the heels of the findings of the latest places from 126 to 111, Trinidad and Tobago improved by review of the International Monetary Fund, which one place from 47 to 46, Barbados moved up 12 places applauded Grenada's economic management and fiscal from 61 to 49 while the credit rating of Belize and Jamaica performance.fell from 119 to 132 and 91 to 99 respectively.

The Tax Amnesty which came into being on November 17, 2008 came to an end on April 30, 2009, after having been extended for an extra month by the Prime Minister, Hon. Tillman Thomas, as part of the Government's Stimulus Package.

The Amnesty was instituted by Government as an opportunity for taxpayers in arrears to pay off their taxes, up to December 31, 2007, void of all interests and penalties. In other words, taxpayers in arrears were given a 100% waiver on interest and penalties on their taxes in arrears.

From all indications, the Amnesty was a success. A complete report will be given in the next edition.

GRENADA GETSIMPROVED CREDIT WORTHINESS RATING

TAX Amnesty Ends

9INSIDE FinanceFinance“... the engine room of the Public Service...”

he Minister of Finance, Planning, Economy, Energy, Foreign Trade& Cooperatives, Minister of State, Permanent Secretary,

Management and Staff extend condolences to who have lost their loved ones recently.the family and friends of all those

“Good men must die, but death cannot kill their names”God's Peace Be With Their Souls.

T

STATISTICAL RELEASE – APRIL 2009

The inflation rate in Grenada for the month of April 2009 was 1.62%. This rate is a significant reduction compared 8.67% in April 2008.

The main reason for this reduction is a 25.7% decline in fuel and light.

That said, there were increases in the following:

• “Food including Non Alcoholic Drinks” - 6.5%;• “Personal Services” - 5.2%; • “Household Furniture and Furnishings” - 4.12%; and• “Education” - 4.4%

Government is committed to do all in its power to combat the cost of living, especially as it relates to food prices.

FINANCIAL TipOpportunity cost is defined as the cost of pursuing one worth $650 (including interest). The opportunity cost of buying a alternative versus another. For example, if you were going to bike is the long-term benefit that you will receive if you did not spend $500 on a new bike, the opportunity cost would be that buy the bike and invested it. Technically, the opportunity cost is you would not be able to buy anything else with or invest that not limited to the cost of investing the money, but also includes $500. For the purposes of financial planning, you should any other opportunity you could spend the money on (investing, look at the cost versus the benefit of each decision you make. buying something else, saving the money, etc). By carefully In this case, you could spend $500 on the bike or you could evaluating your alternatives and by weighing the opportunity cost invest the same $500 in a savings account. In five years, the of each decision, you can vastly increase your long-term wealth. bike may be worth $25 and the $500 investment could be Source: www.free-financial-advice.net.

Understand Opportunity Costs

Riddle

&

Have a laugh...

FunFacts Did U Know?

Fun Facts

A person who never makes mistakes never makes anything – unknown

Don't drown the man who taught you to swim -unknown

! That fuel prices/prices of petroleum products are now reviewed on a monthly basis and adjusted (changed accordingly) on the 18th of every month?

! That VAT is scheduled to be implemented in Grenada on February 1st 2010?

! That the Government of Grenada is currently engaging stakeholders in development of the Social Protocol?

A stockbroker was filling out a job application when he came to the question: "Have you ever been arrested?" He answered no to the question. The next question, intended for those who answered the preceding question with a yes, was "why?" Nevertheless, the stockbroker answered it "Never got caught."

Saving moneyMother had decided to trim her household budget wherever possible, so instead of having a dress dry-cleaned she washed it by hand. Proud of her savings, she boasted to my father, “Just think, Fred, we are five dollars richer because I washed this dress by hand”. “Good”, my dad quickly replied, “wash it again”!

! According to an old English System of time units, a moment is one and a half minutes.

! 111,111,111 x 111,111,111 = 12,345,678,987,654,321

! If you yelled for 8 years, 7 months and 6 days, you would have produced enough sound energy to heat one cup of coffee.

! There were two ducks in front of a duck and two ducks behind a duck, and one duck in the middle. How many ducks were there? Ans. 3

! You pass me going up and I pass you going down. What time is it?Ans. 1 pass 1

Quotes

10 INSIDE FinanceFinance “... the engine room of the Public Service...”

EASTERVAL 2009Caribbean Government Printers

IRD Easter in Dominica

INSIDE FinanceFinanceContinues on pg. 16

Ms. Jocelyn Paul, National Climate Change Focal Point, Team, attended the United Nations Framework attended the United Nations Framework Convention on Convention on Climate Change (UNFCCC) (Climate Climate Change (UNFCCC) Technical Workshop on Change Talks 2009) in Bonn, Germany, from March 29 – integrating practices, tools and systems for climate risk April 8, 2009.assessment and management and disaster risk reduction

The main objective of the meeting was to finalize a strategies into national policies and programmes, in comprehensive global agreement to tackle climate change Havana Cuba from March 10 – 12, 2009.by the end of December 2009 and to enable the full,

The Workshop was held in collaboration with the effective and sustained implementation of the Convention Secretariat of the International Strategy for Disaster Risk on Climate Change through long term cooperative action Reduction and hosted the Ministry of Science, now and beyond 2012.Technology and Environment of Cuba, through its

Ms. Esther Clarkson, Accounting Officer of the Environmental Agency. The objective of the workshop EDF/Support Services Unit, and Ms. Helen Roden, was to facilitate the identification of successful examples Project Officer of the EDF/Support Services Unit, of integrating climate risk assessment and management, participated in a Workshop on Project Management in and disaster risk reduction strategies into national policies ACP Countries and EDF 9 Contractual and Financial and programmes.Procedures in Barbados, from March 9 - 13, 2009.

Mr. Rickie Morain, Project Officer, attended the The training was conducted by a consultancy firm from Specialized Project Manage Module in Social Analysis the Netherlands and was aimed at:and Participatory Project Development Workshop, in • Improving knowledge on EDF 9 contractual and Trinidad and Tobago, from March 16 – 27, 2009.

financial procedures;• Providing a general overview of the management of The Workshop was organized by the Caribbean

Programme Estimates (PE);Development Bank (CDB) and Bradford Centre for • Developing a better understanding of the International Development (BDID) of the University of

implementation procedures, and the roles and responsibilities of the different actors involved in the implementation of PE;

• Developing a better understanding of the importance and hierarchy of legal texts and reference materials;

• Developing a better understanding regarding findings of the relevant information in the legal text and reference materials; and

• Demonstrating the benefit of the correct use of EDF procedures.

Mr. Junior Mahon, Trade Officer in the Ministry of Finance, and Mr. Ferron Lowe, Policy Advisor in the Ministry of Agriculture, attended the Organization of Eastern Caribbean States (OECS) Consultation on the Bradford. The emphasis of the programme was on the Implications of the World Trade Organization quality of the project design and the efficiency of its Negotiations from March 31 – April, 1, 2009 in Dominica.execution. It covered the requirements for effective The objective of the consultation was to provide an management of the entire project cycle in a series of opportunity for trade and agriculture officials from the discrete modules and variety of technical modules.OECS countries to review recent developments in the agriculture and non–agricultural market access Ms. Jocelyn Paul, National Climate Change Focal Point, negotiations, including efforts to agree on modalities for and Mr. Leon Charles, Chairman, Alliance of Small

Island States (AOSIS), Climate Change Negotiating

Continued from pg. 16Continued from pg. 15

STAFF DEVELOPMENT AND TRAININGSTAFF DEVELOPMENT AND TRAININGFinanceFinanceFFiinnaanncceeINSIDE

Mr. Rickie Morain

15

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agriculture and non-agricultural market access and modalities for fisheries. The conclusions and services. The conclusions and recommendations of the recommendations of the meeting will inform and meeting will inform and consolidate the OECS positions consolidate the OECS's positions on fisheries.on agricultural and non-agricultural market access.

Ms. Shanta Cox, Trade Officer in the Ministry of Mr. Mervin Haynes, Chairman of the Basic Needs Trust Finance, attended the EXPO 2010, in Shanghai, China Fund (BNTF) Steering Committee, and Mr. Isaac and CARICOM First Preparatory meeting of National Bhagwan, Project Manager of the BNTF, attended the Coordinators, in Guyana from April 27 – 28, 2009.BNTF Annual Project Managers Meeting and Launch of the BNTF 6th programme in Jamaica, from March 15 – 21, 2009.

At the meeting, the past year's programme performance was analysed and plans were made for the ensuing year. Member countries made presentations on their performance, highlighting their constraints, opportunities and lessons learnt. Members were also provided with training on key issues with particular emphasis on best practices. They also discussed/ clarified policy options as it relates to funding.

Mr. Oliver Joseph, Permanent Secretary on Special Assignment to Economic Partnership Agreement (EPA) matters, and Mr. Rohan Phillip, Solicitor General, The meeting updated participants on progress made to represented Grenada at the Meeting of CARIFORUM date with respect to site development, cultural Legal and Policy Officials on Institutional Matters and presentation, construction of pavillion, and the Dispute Settlement Under the EPA, in Barbados from introduction of the financing proposal of the EXPO which March 26 – 27, 2009. is scheduled to take place in Shanghai, China in 2010.

This meeting was mandated by the CARIFORUM Ms. Esther Clarkson, Accounting Officer of the Council of Ministers as a matter of urgency to recommend EDF/Support Services Unit, and Ms. Helen Roden, draft rules of procedure to: Project Officer of the EDF/Support Services Unit, • govern arbitration panels established to resolve participated in a training session on the 10th EDF

disputes between Parties and the Code of Conduct Procedures and attended a one-day meeting on Pending Arbitrators; Bilateral Matters in Barbados, from April 29 - 30, 2009.

• recommend draft rules of procedure for the joint institutions established under the EPA; and The training was conducted by a delegation of the

• propose approaches to address a number of policy European Commission Trainers and supported by related issues to facilitate operation of the Joint personnel from the Finance and Contracts Section. Some Institutions and the dispute settlement mechanism of the objectives of the exercise were to afford under the EPA Agreement. participants the opportunity to:

• get a comprehensive appreciation of the new Mr. Junior Mahon, Trade Officer in the Ministry of dimensions being introduced by the 10th EDF which Finance, and Mr. Paul Phillip, Fisheries Officer in the is the new envelope of funding provided by the Ministry of Agriculture, attended the Organization of European Union (EU); andEastern Caribbean States (OECS) Consultation on the • acquire the knowledge and technical skills of the 10th Implications of the World Trade Organization EDF procedures; and Negotiations for Fisheries from April 8–9, 2009 in Antigua. Mr. Matthew Simon, Energy Officer responsible for

Information Systems at the Energy Unit of the Ministry of The main objective of the Consultation was to provide an Finance, attended the CEIS follow up training on the use opportunity for trade and fisheries officials from the and maintenance of the Renewable Information Platform OECS countries to review recent developments in and the CIPORE Platform launch in Jamaica from April fisheries negotiations, including efforts to agree on 23 – 24, 2009.

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Ms. Shanta Cox

“... the engine room of the Public Service...”16

INSIDE FinanceFinance“... the engine room of the Public Service...”

The training covered the creation and use of the Virtual substances that can contribute to such which may be Tours Feature; use of the Online Meeting Feature and brought into the country through importation. The other Communication Resources; Upload of content to Workshop was facilitated by Mr. Gerard James of the the Statistical Databases; Use of the Projects Map Customs Division.Feature; Information Protocols and Accessibility Rights.

Members of Staff from the Accountant General's As a result of this training, Grenada now has the capacity Office, together with their counterparts of the Audit to use the Renewable Energy Information Platform to Department, participated in a one day training exercise in upload the relevant data to CEIS as agreed by member on the Public Accounts on Monday 20th April 2009 at the countries, as well as to be able to timely manipulate the Ministry of Finance Conference. The Workshop was website to showcase Grenada's achievements in the area facilitated by the Director of Audit and other staff of Energy (indigenous, alternative, renewable) and members from the Audit Department.otherwise.

Customs Officers attended a National Workshop on the Control and Monitoring of Ozone Depleting Substances and Dependent Technologies for Customs Officers, on Wednesday 29th April, 2009, at the Ministry of Finance Conference Room. The session was organized by the

Members of Staff attended a Public Workers Health Project Workshop, sponsored by the Ministry of Health, on Wednesday April 15th, 2009 at the Ministry of Finance Conference Room. The session formed part of the Ministry of Health's Health Education Project for Public Officers which is aimed at fostering a healthy, productive United Nations Environment Programme, Regional and sustainable public service workforce. The One Day Office for Latin America and the Caribbean Workshop included two sessions: one on Stress (UNEP/ROLAC) in collaboration with the Government Management, which was facilitated by Mrs. Clara Bhola, of Grenada, Ministry of Finance, Planning, Energy, and the other on the Impact of Health on Foreign Trade and Co-operatives. The workshop sought Individuals/Organizations facilitated by Dr. Martin to bring the officers up to speed with the latest Francis.information on the depletion of the Ozone Layer and the

Continued from pg. 16

Custom Officers at Training

Public Officers at Training

The Hurricane season is here...be prepared...

Remember

Have a family disaster plan in place.

17

INSIDE FinanceFinance “... the engine room of the Public Service...”

SPECIAL EMERGENCY MEETING GOOD REFRIGERATION PRACTICES FOR A special emergency meeting was convened in Barbados TECHNICIANSon March 4, 2009, bringing together Prime Ministers The National Ozone Unit (NOU), in the Energy Division, and/or Ministers of Finance from Trinidad and Tobago, Ministry of Finance, Planning, Foreign Trade, Energy & Barbados and the OECS countries to discuss the recent Co-operatives in conjunction with the Grenada developments in the financial sector and to agree on a Refrigeration, Air-condition & Ventilating Association regional strategy to manage the situation. (GRAVA) conducted a very successful training exercise in

Good Refrigeration Practices for technicians in the Grenada's delegation at the meeting was made up of Prime refrigeration and air-condition industry. This training was Minister, Hon. Tillman Thomas; Minister of Finance, conducted on Saturday, March 7th, 2009 at the National Hon. Nazim Burke; Permanent Secretary, Mr. Timothy Stadium. The training attracted a wide cross section of Antoine; and Executive Director of GARFIN, Mr. Angus Smith.

The main objectives of the meeting were for the Governments:

• To update each other on their efforts, to date, with regards to addressing the situation;

• To agree on a common strategy for addressing the situation; and

• To agree on approaches to strengthen the financial sector to protect the interest of policy holders, depositors and investors.

CORPORATE GOVERNANCE SEMINARThe Grenada Authority for the Regulation of Financial Institutions (GARFIN) in conjunction with the Ministry over sixty-five (65) technicians throughout Grenada. The of Finance and the Caribbean Regional Technical technicians were trained in the use of ultra-modern state of Assistance Centre (CARTAC) hosted a Seminar on the art equipment to be used in the recovery and recycling

of refrigerants. Among the equipment that the technicians Corporate Governance-Legal Obligations, Duties and were trained to use were: recovery machines, refrigerant Responsibilities of Directors for Directors and Managers identifiers, electronic leak detectors, electronic scales and of Financial Institutions and Government Statutory vacuum pumps. This training and equipment will assist Bodies operating in Grenada on March 5, 2009 at the

Grenada Grand Beach Resort, Crown Ball Room.

This seminar was considered very timely and significant since many of the Government Statutory Bodies have new Directors and Managers with the change in Administration.

Some of the topics discussed included: • Legal Obligations of Directors;• Directors' Duties and Responsibilities; and• The Importance of Effective Internal &

External Audits, among others.

technicians in the prevention of purging or venting of This seminar was consistent with Government's

refrigeration gases into the atmosphere which goes up to commitment to good governance. the stratosphere and damages the Ozone Layer. The lead

FinanceFinanceFFiinnaanncceeINSIDE

What’s Been HappeningWhat’s Been Happening

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Hon. Minister Sylvester Quarles handing out equipment

Participants at Workshop

18

19INSIDE FinanceFinance“... the engine room of the Public Service...”

trainer was President of the Refrigeration Association, of the banking sector, and representatives of the public Mr. Michael Mitchell and he was assisted by other and private sectors. Discussions focused on recent members of the executive of the association. This training economic developments, including the global financial is an integral component of Grenada's Terminal Phase-out crisis, and Grenada's present fiscal performance, among Management Plan for CFC refrigerants under the other economic matters.Montreal Protocol which obligates the country to completely phase out these Ozone Depleting Substances Ms. Christine Dawson and Mr. Ronald James, by December 2009. representatives of the Caribbean Development Bank

(CDB) and the Eastern Caribbean Central Bank (ECCB) According to Mr. Leslie Smith, Project Officer in the respectively, also formed part of the review team. A joint National Ozone Unit, “Grenada has being doing communiqué between the Government of Grenada and extremely well in the fight to protect the Ozone Layer”. the IMF was released at the end of the exercise and can be Mr. Smith went on to say that “since 2006 Grenada has found on page 4.being reporting zero consumption of these Ozone

STANDARD AND POORS ANNUAL REVIEWDepleting Substances, three years ahead of the Montreal As part of its ongoing Credit Review, a team from Protocol Schedule of 2009”. Standard and Poor's visited Grenada in early March

Following the training exercise, the Minister of State in to conduct their annual review for reassessing the Ministry of Works, Physical Development, Public Grenada's Sovereign Credit Rating. The team Utilities and the Environment handed out equipment on consisted of Ms. Olga Kalinina, Associate Director behalf of the Government of Grenada, to the tune of over and Mr. Richard Francis, Director of Standard and EC $100,000.00 to technicians and institutions. Thirteen Poor's. While here they met with various (13) centres have been established across the country

stakeholders including the Ministry of Finance; the where technicians who received the training can access leader of Her Majesty's Opposition; the Grenada this equipment to be used. Among the centres are: T.A. Authority for the Regulation of Financial Institutions Marryshow Community College, NEWLO and the (GARFIN); the United States Embassy; Department of Fisheries. Funding for the equipment was representatives from the Board of Tourism, the provided by the United Nations Development Programme

(UNDP) Grenada Chamber of Industry and Commerce, and the Banking Sector. Credit ratings are usually

IMF THIRD REVIEW MISSION awarded relative to other countries in the world. A delegation from the International Monetary Fund Standards and Poor's rates over 100 countries (IMF), headed by Ms. Catherine Pattillo, visited Grenada internationally.

ECONOMIC PARTNERSHIP AGREEMENT WORKSHOPThe Ministry of Finance, Trade and Export Promotion Division, in collaboration with Caribbean Export Development Agency hosted a Workshop on Implementation of the Economic Partnership Agreement:

on Monday, March 16th, 2009, to conduct the Third Review of the IMF supported Poverty Reduction and Growth Facility Programme (PRGF). The Review, which was completed on March 25th, 2009, saw the delegation holding discussions with the Prime Minister, the Minister of Finance, the Permanent Secretary and other senior officials of the Ministry of Finance, officials from other Government Ministries and Departments, representatives

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IMF Review Team

Participants at Workshop

20 INSIDE FinanceFinance “... the engine room of the Public Service...”

Continues on pg. 21

Its impact on the Grenada Private Sector and the Role of This visit forms part of the Minister's outreach initiative the Caribbean Export Development Agency on Thursday to visit and interact with all staff of the Ministry. (See 12th March, 2009 at the Coyaba Garden and Beach Pictures on Centre Page)Resort.

REGIONAL NETWORK MEETING FOR OZONE The Objectives of the Workshop were: OFFICERS OF THE ENGLISH SPEAKING

• To present to the private sector and other CARIBBEANeconomic operators in Grenada with an update on The Government of Grenada, through the National Ozone the status of EPA Implementation; Unit (NOU), Energy Division of the Ministry of Finance,

• To give a brief overview of the provisions of the together with the United Nations Environment EPA Agreement (trade in goods); and Programme (UNEP), hosted a Regional Network Meeting

• To explain the Role of Caribbean Export and to for Ozone Officers of the English-Speaking Caribbean, discuss how private sector firms can access its from Tuesday March 24th – Friday March 27th, 2009 at programmes. the Grenada Grand Beach Resort.

BUDGET IMPLEMENTATION EXERCISEOn Thursday March 19, 2009, the Ministry of Finance held a Budget Implementation Session for Permanent Secretaries and Finance Officers of all Government Ministries and Departments at the Grenada National Stadium.

The main issues discussed at the meeting were:1. Recent decisions of the Montreal Protocol,

Multilateral Fund Executive Committee;2. Training and capacity building for National

Ozone Officers;The main objectives of the Session were to:

3. Compliance challenge of the Member States for • Familiarize all concerned with the new legal

meeting 100% phase-out of CFC by December framework governing public finances; and

31st 2009;• Expedite the implementation of the key

4. Completion of ratification to the amendments to budget priorities.

the Montreal Protocol;5. Review and address challenges in Montreal

The Session included Presentations and Discussions on Protocol Project Implementation;

the Audit Act, the Public Finance Management Act, the 2009 Budget Implementation Process, and the Public- Sector Investment Programme.

MINISTER VISITS DISTRICT REVENUE OFFICESThe Minister of Finance Hon. V. Nazim Burke, together with the Permanent Secretary and other senior officials of the Ministry of Finance, visited all District Revenue Offices (DROs) in Grenada on Friday March 20th, 2009.

The Finance delegation was well received by the officers of the outer districts who took the opportunity to discuss various issues with the Minister and Permanent Secretary and come up with solutions to resolve some of the issues.

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Permanent Secretaries and other Public Officers at Implementation Session

Hon. Minister Burke (c), and other members of the Head Table at Meeting

Participants at Meeting

21INSIDE FinanceFinance“... the engine room of the Public Service...”

Continued from pg. 20

Continues on pg. 22

6. Management of Hydro chlorofluorocarbons MINISTER BURKE MEETS WITH MR. HEGEL (HCFCs) for very low volume consuming GOUTIER, EDITOR-IN-CHIEF, THE COURIER countries with discussions on longer term MAGAZINE – MAGAZINE OF AFRICA- alternative technologies; CARIBBEAN-PACIFIC AND EUROPEAN UNION

7. Preparation of HCFC Country Programme COOPERATION.Management Plan; Hon. V. Nazim Burke, Minister for Finance, met with Mr.

8. Regional public education and awareness Hegel Goutier, Editor-in-Chief of The Courier Magazine, activities for protection of the ozone layer. on Tuesday April 14, 2009. This meeting formed part of a

visit by the Editor who was gathering information on GRENADA RECEIVES VISIT FROM IFC Grenada for a feature in Issue No. 11 of the Courier Wednesday April 1st, 2009, the Government of Grenada, Magazine which will cover the period June - August received a visit from Mr. Atul Mehta, the International 2009. Finance Corporation (IFC) Director for Latin America and the Caribbean and Mr. Kirk Ifill, Resident Representative for the English-Speaking Caribbean.

While in Grenada, Mr. Mehta and his team looked at potential private infrastructural investments in various sectors such as tourism, health, education, clean energy and agri-business.

The IFC is a private sector arm of the sustainable

economic growth in developing countries by financing private sector investment, mobilizing capital in the international financial markets, and providing advisory services to businesses and governments. It

During the meeting Minister Burke highlighted:• The general state of finances in the country stating

that it is an unprecedented and difficult situation;MINISTER BURKE ATTENDS REGIONAL • The measures Government is putting in place to MEETING IN ANTIGUA

cushion the current economic situation as highlighted On Thursday April 2, 2009, Minister of Finance, Hon. V. by the Prime Minister in his recent presentation of the Nazim Burke, attended a regional meeting in Antigua to 'Stimulus Package';discuss the CLICO-British American Insurance

• The Repeal of the National Reconstruction Levy Company and other current financial matters.(NRL), putting more disposable income into the hands of Grenadians, although it meant Government The meeting brought together the Ministers of Finance of giving up US$10 million;Trinidad and Tobago, Barbados and the OECS-ECCB

• The main choices made for development in the countries, their Insurance Regulators, Governors of the country, in particular;Central Banks of Trinidad and Tobago, Barbados and the

• Urgent short term measures to keep income and ECCB, the Director General of the OECS and Secretary employment sustainable;General of CARICOM.

• Long term economic management to build a platform for sustained growth. This includes putting measures Discussions focused mainly on the decision made by the in place to position Grenada to take advantage of the Government of Trinidad and Tobago to make available up eventual 'turn around' in the financial crisis;US$50 million from the CARICOM Petroleum Facility to

• The creation of a Debt Management Unit, Waste meet certain liabilities regarding the policy holders, Reduction Unit, and Technical and Economic investors, and depositors of the affected companies in the Cooperation Unit to help improve the finances of the OECS-ECCB member-countries.country;

• The passage of the Acts in Parliament aimed at Minister Burke was accompanied by the Executive improving accountability and transparency in Director of GARFIN.Government;

World Bank Group. Through its mandate, IFC fosters

helps companies and financial institutions in emerging markets create jobs, generate tax revenues, improve corporate governance and environmental performance, and contribute to their local communities.

Hon. Minister Burke and Editor-in-Chief of Courier Magazine

22 INSIDE FinanceFinance “... the engine room of the Public Service...”

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• Grenada's relationship with Cuba, Venezuela, and entities as well as representatives from the private sector, China. non-governmental organizations, and international

agencies in Grenada.The Courier Magazine is an internationally distributed magazine highlighting issues relating to African- The Workshop was being facilitated by Ms. Yacsire Caribbean – Pacific States and European Union Cutler, a senior official within the OAS who has Cooperation (ACP-EU). It is an important source of tremendous experience in the logical framework information on cooperation between African, Caribbean and Pacific Countries and the European Union.

The feature on Grenada would provide an overview of the country and focus particularly on the development cooperation with the European Union.

While in Grenada, Mr. Goutier also met with the Honourable Prime Minister, other Government Officials, the Leader of the Opposition, members of civil society, media personnel and other key stakeholders. He also visited selected project sites.

The Grenada Government is pleased that Grenada has been chosen for the feature being mindful of the international exposure and potential benefits that it can bring.

LOGICAL FRAMEWORK APPROACH FOR approach for project design and inspects all projects that PROJECT DESIGN are presented to the OAS for consideration.The Ministry of Finance, in collaboration with the organization of the American States (OAS) hosted a 2½ As a result of the Workshop, participants are now day Workshop on the Logical Framework Approach for expected to utilize the tools and methodologies acquired Project Design, at the Grenada National Stadium, St. in the preparation of project proposals, especially those George's, from Wednesday April 22, 2009. being submitted to the OAS for consideration.

CARIBBEAN GOVERNMENT PRINTERS EASTERVAL TOUR 2009The Government Printery hosted the Caribbean Government Printers Easterval Tour from April 9th – 13th, 2009.

The Easterval Tour is an annual event, at Easter, which brings Caribbean Government Printers together at one location, to interact socially and professionally, creating bonds of friendship and linkages for functional cooperation among the respective Government Printeries.

As said by the Minister of Finance, under whose portfolio the Government Printery falls, in his welcome message in the festival's commemorative magazine: “An event such as this is an excellent opportunity to interact socially and professionally with regional counterparts; to meet and The main aim of this Workshop was to help participants share experiences and ideas; and to build a network that develop an understanding of the tools and methodologies can be tapped for various reasons.”used in preparation of projects for consideration by the

OAS.This year marked the 19th anniversary of this event and the third occasion on which Grenada acted as the host.Participants for the Workshop were made up of

representatives of the public sector and other Government

Head Table at Workshop

Participants at Workshop

“... the engine room of the Public Service...” 23INSIDE FinanceFinance

Continued from pg. 22

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The five (5) days of activities included an Official The Minister was accompanied by the Permanent Opening Ceremony on Thursday April 8, a Sports Day on Secretary and other senior members of staff. (See Pictures Friday April 9, a Caribbean Night on Saturday April 10, on Centre page)and an Island Tour on Monday April 13. (See Pictures on Page 11) HOTLINE FOR REPORTING MISUSE OF

GOVERNMENT RESOURCESIRD REGIONAL GAMES The Government of Grenada now has in place a “Hotline” A delegation of twenty (20) persons represented the for members of the public to report the misuse (abuse) of Inland Revenue Department Sports and Social Club at the Government vehicles and other Government resources.Annual Inland Revenue Regional Games held in Easter of this year in Dominica. The Games is a mixture of sporting The number is (473) 440-5883.and social events with one of its main aims being the further integration of our Caribbean Community. Most

It may be recalled that during the 2009 Budget Speech, persons did not get a chance to fully savour the delights of Finance Minister, Hon. V. Nazim Burke announced plans the Nature Isle because of travel difficulties which to establish a hotline as part of Government's Waste resulted in them missing both the Opening Night on Holy Reduction Hotline.Thursday and the Closing Night on Easter Sunday.

However, that did not dampen them as they got the chance Members of the general public are encouraged to call the to rekindle acquaintances. On the sporting side, the team number to report incidences of misuse of Government participated in football and fun sports. vehicles and other forms of abuse of Government resources.The highlight of the Games was the visit to Screw's Spa

where many of them took the opportunity to enjoy a dip in ESTABLISHMENT OF PROCUREMENT OFFICEthe very warm sulphur water. The 2010 Games will be A Public Procurement Office is now in place at the held next Easter in Antigua. The Club will be notifying Ministry of Finance, Planning, Economy, Foreign Trade, staffers of the Ministry of their preparations and wants to Energy and Cooperatives. take this early opportunity to invite anyone who may be

interested in being part of the delegation for next year's In this regard, Mr. Dennis Clarke has been appointed as event. The club solicits everyone's support in their the Chief Procurement Officer. He assumed this position fundraising activities. (See Pictures on page 14)in February 2009.

MINISTER OF FINANCE VISITS DOCKS AND Mr. Clarke's responsibilities include the establishment of

STATISTICSthe Public Procurement Authority which is one of the key

On Friday April 24, 2009, Minister of Finance, Hon. V. provisions of the Public Procurement Contract

Nazim Burke, continued on his outreach initiative, Administration Act. This Act was passed in Parliament to

visiting the staff at the Custom Baggage Shed and improve public procurement practices and transparency

CARICOM Shed and Staff of the Central Statistical in public expenditure.

Office on the Carenage.

APPEAL COMMISIONERS TAKE UP DUTIESDuring his visit, the Minister took the opportunity to

On Thursday April 30th 2009, the new Appeal observe the operations at the docks and spoke to the

Commissioners under the Income Tax Act were oriented officers on duty, hearing their challenges and suggestions

at the Ministry of Finance.for improvement. He also took the time to speak with some of the port users, traffickers and other customers

The Commissioners are:who were present at the time.

Ms. Deborah St. Bernard – Attorney (Chairman)Mr. Cecil Edwards – former Comptroller of Inland

At the Central Statistical Office, Minister Burke Revenue

continued to interact with staff, getting a feel for their Mr. Fitzroy O'Neale – former Banker

various duties and responsibilities and hearing of the Mr. Joseph Bain – former Accountant General

issues that affect them in the conduct of their duties. Mr. Argar Alexander – former Cabinet SecretaryThe Secretary is Ms. Rhona Andrews.

Minister Burke promised to work with the Management Team to address the issues that were raised at both

In speaking at the session, Minister of Finance, Hon. locations.

Nazim Burke told the Commissioners that their appointment is important to “ensure natural justice by

Designed and printed by Government Printery

Ministry of Finance, Planning, Economy, Energy, Foreign Trade & CooperativesFinancial Complex, Carenage, St. George’s

Tel.: 440-2731-34, 435-0057; Fax: 440-4115; Website: www.gov.gd; Email: finance@gov.gdContact: Petra Joseph, Editor-in-Chief, 440-2731, ext.: 1108/435-0057

• Providing support to Government's negotiations within bilateral, regional and international fora;

• Collaborating with the Director of Trade on all matters relating to Grenada's trade policy and trade-related issues;

• Coordinating on critical trade policy issues with the OECS, CARICOM, ACP and other developing country groupings;

• Advising on a coordinated approach to Government's national trade policy interests across the several arenas of negotiations such as CSME, FTAA, WTO, EU – ACP, CARICOM; and

• Serving as Chairperson and managing the Secretariat providing a forum for persons with objections to their tax assessments by the Comptroller of the Inland Revenue of the National Trade Policy Coordinating Committee Department.” (NTPCC) in order to facilitate the efficient exchange

of information for policy setting and consensus building between meetings of the NTPCC.

Ms. Francis brings extensive experience to the position having last served as the Legal/Trade Specialist at the University of the West Indies Cave Hill Campus where she lectured on International Trade Law with special focus on the WTO, Regional Trade Agreements Negotiations. In addition Ms. Francis was also the Lead Consultant with the Shridath Ramphal Centre for International Trade Law, Policy and Services at the University of the West Indies Cave Hill, Barbados, where she completed a Review and Evaluation of the CARIFORUM – EU Under the Income Tax Act, any taxpayer who receives an Economic Partnership Agreement: Implications for assessment can object, in writing, to the Comptroller of Barbados.the Inland Revenue Department within thirty (30) days of

receiving the assessment. If the taxpayer is not satisfied with the Comptroller's ruling, he or she can submit an appeal to the Appeal Commissioners.

The Appeal Commissioners will also receive objections under the Value Added Tax (VAT) Tax Bill currently before Parliament.

The reconstitution of the Tribunal comes as Government moves to strengthen Inland Revenue Department's ability to effectively enforce all the tax laws following the expiration of the amnesty on April 30, 2009.

Ms. Francis is no stranger to the Government of Grenada TRADE COUNSEL NOW IN PLACE AT MINISTRY having worked as Trade Counsel from 2000 – 2004. OF FINANCEDuring that stint, she advised Government on legal Ms. Allyson Francis has been appointed as the Trade matters pertaining to the CARICOM Single Market and Counsel to the Government of Grenada, a position within Economy (CSME) and the Free Trade Area of the the Trade and Export Development Division of the Americas (FTAA).Ministry of Finance, Planning, Economy, Foreign Trade,

Energy and Cooperatives.The Ministry takes this opportunity to welcome back Ms. Francis. Her responsibilities include:

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Hon. Minister Burke and other staff members at orientation

Appeal Commissioners

Ms. Allyson Francis