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Grenada government narrows fiscal gap
Published on December 3, 2013 Email To Friend    Print Version

ST GEORGE'S, Grenada (GIS) -- The Mitchell administration in Grenada has reported significant reductions in the government’s fiscal gap in the nine months since coming to office.

Permanent secretary in the ministry of finance, Timothy Antoine, has confirmed that the monthly fiscal gap has been narrowed by $3 million.

The figure has dropped from $18 million to $15 million with projections of reaching $12 million in the New Year.

“We have already begun to reduce the monthly gap,” said Antoine during a recent stakeholders’ forum.

“It was 18. It’s down now to 15 and I think we will get it down to 12 in the next month or two and then throughout the life of the programme we expect to constantly reduce that gap,” he added.

Faced with a grim economy on its return to office earlier this year, the Mitchell administration has been introducing measures to raise revenue while at the same time reducing expenditure as part of its approach to economic management.

A waste reduction committee was formed and is reporting significant progress in its efforts to reduce wastage and bring non personal expenditure down to 20%.

Measures contained in the three-year Home Grown Structural Adjustment Programme, set to come on stream in the New Year, are also designed to achieve this goal.

“At the end of the three years we believe the country would have a current surplus on operations and we will begin to see that we will be coming close to a balance in terms of the overall effort,” Antoine explained.

“But that requires us to sustain and to be disciplined throughout, which is to say, we have, not just raised the revenues, but also to contain expenditure. We believe with the programme we will be able to reduce the gap significantly and to put us in a much stronger position fiscally than we are at the moment,” he said.
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