Inside Finance, Volume 8, Issue 1 - January - May 2012

INSIDE INSIDE

Volume 8, Issue 1, January - May 2012

GRENADA

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

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

ST. GEORGE'S, GRENADA Wednesday, May 23, 2012: The Caribbean Development Bank (CDB), which is the region's premier development banking institution, in its annual review of regional economies, highlighted Grenada's “stronger than marginal growth” for 2011.

In a May 23rd, 2012, News Release coming out of the Cayman Islands, where the CDB's 42nd Annual

GRENADA RECORDS

STRONGER THAN MARGINAL

IN 2011 (ACCORDING TO THE CDB)GROWTH

The Division of Customs and Excise of the Ministry of Finance officially launched the ASYCUDA World

thSystem on Monday 16 April 2012 at their new building, a 'one stop shop' facility, at the Grenada Ports Authority.

The ASYCUDA World System is an Automated System for Customs Data which allows for faster clearance of goods at the port. The introduction of this system falls under Grenada Technical Assistance Credit Project (GDTAC Project.) (See page 6)

Under the GDTAC Project, the Customs Division has benefited from initiatives geared towards the enhancement of efficiency and effectiveness of its operations. The Customs Division, by utilizing modern Customs Management tools such as

the upgrading of the Automated System

– Easing the Hassl for Importers and Exporters of GoodseASYCUDA

Continues on pg 9

Minister Burke and other leaders at CDB Board of Governors meeting. Picture source CDB

Editor’s Note

“... the engine room of the Public Service...”2 INSIDE FinanceFinanceContinues on pg. 4

have rejected an applicant based on information they found online. In total, nearly one in five companies has disciplined or fired an employee for social media misdeeds.” In 2010, over 21 percent of companies with more than 1,000 workers, disciplined employees for violating social networking policies, compared with 13 percent in 2008. In addition, about 9 percent have fired an employee for these violations, which more than doubles the 4 percent two years prior. This information was obtained from a survey conducted by Proofpoint Inc., an e-mail security company.

One may think that this does not pertain to us in Grenada. However, this is so untrue since our younger population in particular, uses social media so extensively, that sooner or later employers may have no choice but to start using the social media as a means of doing background checks etcetera, and then we may see the statistics as those quoted previously.

As a means of curbing the instance of becoming a statistic for being fired as a result of the social media, here are a few examples of social media faux pas (transgressions) that have lead to the statistics quoted.Don't Get

• Employees bashing their employers and clients, or Fired Because of the declaring their search for a new job via face book or

Social Media their Twitter account, For example, seven employees at Farm Boy, a Canadian grocery store, were fired after they started a Facebook group called "I Got Farm The Social media has become so much a part of our Boy'd." The group featured a picture of the company's everyday lives that from time to time one can hear persons logo surrounded by a red circle with a slash through commenting that they cannot imagine what life would be the center and made derogatory comments about the like without its existence. store and its customers. Also A young woman in the

It is no secret that social media has brought with it many United Kingdom was fired in August 2009 after benefits to individuals as well as businesses alike. A recent posting on her Facebook page, "OMG I HATE MY release of ACE Canada® Podcast is quoted as stating, “The JOB!! My boss is a total pervvy…” The boss responded opportunity to interact with anyone, anywhere, anytime is too with a few comments of his own, ending with, "And world-changing to ignore. It has altered the traditional media lastly, you also seem to have forgotten that you have expectation of consumers listening passively to radio and two weeks left on your six-month trial period. Don't television broadcasts, or reading newspapers and magazines, bother coming in tomorrow. I'll pop your P45 in the with no hope of an immediate interaction. With Social Media, post and you can come in whenever you like to pick up all that changed….it has changed the way companies approach any stuff you've left here. And yes, I'm serious."advertising and promotion through the media…” However the article went on to state: “It's important to understand the • Workers posting inappropriate pictures and videos to considerable downside that coexists with the remarkable YouTube, reflecting poorly on the company. For upside of using social media…” example, a former high school teacher in Georgia was

forced to resign when her principal questioned her This downside includes risks associated with security,

Facebook page, which included an expletive and reputation assassination/defamation of character, privacy,

photos of her holding wine and beer. Also in April fraud, and employment, to name a few. Of all the risks, I

2009 two Domino's Pizza employees posted a video want to concentrate the remainder of this discourse on the

on YouTube that showed one employee filming risks of the social media to one's employment.

another sticking cheese inside his nose and passing gas on the food -- implying it would be delivered to According to The Allentown Morning Call, “Seventy customers from the store!percent of recruiters and hiring managers in the United States

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

Continues on pg. 4

Hon. V. Nazim Burke

development. But we will not be able to sustain this growth if it favors the few, and not themany.”

This observation by President Obama' Ladies and Gentlemen, points to the importance of trade in economic development and the critical need for us as small open underdeveloped economies to do whatever is necessary to take full advantage of any and all opportunities under the EPA.

This can only be achieved if we understand what those opportunities are.

Grenada and the region can benefit from the opportunities of:

· duty free, quota free access to the EU market;

· simplified rules of origin for CARIFORUM goods;

· and unprecedented access to certain services;

Grenadian Service Providers can have temporary access to EU markets to supply services in twenty-nine service sectors ranging from accounting services, to architectural services to fashion model Trade in Services in the EPA services, entertainment services, computer and

Adapted from Remarks related services, tour operators and tourist guide services to name a few. made at Workshop in lastOur economy is a services oriented economy. Our quarter of 2011government has identified five sectors to transform

The Economic Partnership Agreement (EPA) is both the economy in the medium to long term. Three of a Trade and Development Agreement. the five transformational sectors are services

oriented. These three services oriented The trade provisions require legislative and regulatory

transformational sectors are Education Health and reforms at the regional and national levels that ensure

Wellness Services, Tourism and Hospitality Services removal of restrictions to free trade.

and Information and Communication Technology (ICT). The other sectors are Agribusiness and The development cooperation provisions commit the Energy Development.European Union to support those reforms and to

assist Member States build institutional and technical It is important that we understand this

capacity to implement the Agreement. opportunities that exist for trade in services. Such an understanding will allow business persons to In characterizing the state of the global economy and identify the areas of specific interest to his/her the challenges it poses for our future, United States business and to make strategic business decisions. It President Barak Obama observed that:must be noted that if our service providers are to

“This is the moment when we must build on the realize the opportunities that abound in this wealth that open markets have created, and share Agreement, it is critical that the requisite its benefits more equitably. Trade has been a certification and accreditation be attained. This I am cornerstone of our growth and global sure, will be addressed through our local office.

Minister's Note

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

Minister's Message continued from pg. 3

Many pundits have questioned the commitment of Government's role in this process is to ensure the Member States of the Cariforum to implement the legislative, regulatory and institutional frameworks EPA. These pundits argue that since the signature of are in place to give effect to its obligations under the the EPA in October 2008 and its provisional Agreement. application in December of that year, progress In so doing, government will involve its partners and towards implementation has been slow. stakeholders, through the sharing of information, We bel ieve the biggest constraints to as well as the holding of meetings and consultations implementation appear to be insufficient capacity to hear their concerns and receive the input and at the national level and the unavailability of recommendations of stakeholders.A D E Q U A T E f i n a n c i n g t o s u p p o r t I call on all stakeholders to work together with implementation. government to ensure that Grenada achieve as much In Grenada, we have started the process of benefits it can from the market access opportunities implementation of the EPA in earnest with the of the EPA. establishment of the EPA Implementation Unit in I end with a quote from the nineteenth century April 2011. The Unit is staffed by a Coordinator and Scottish writer Robert Louis Stevenson who said two Officers. and I quote: “don't judge each day by the harvest you

reap, but by the seeds you plant”.We are in the process of recruiting a Legal Counsel to assist with the legislative and regulatory work. May we all continue to plant the seeds that will allow

Grenada to blossom into the dynamic prosperous The Unit working steadfastly in the implementation country it has the potential to be.process.

• Posting confidential details. For example in 2008 in that she could not sit in front of a computer and the U.K., a juror was dismissed when she posted details needed to lie in the dark. She got caught however, of the trial on her Facebook page. "I don't know which when a colleague saw that she was active on way to go, so I'm holding a poll," she wrote. Facebook. Her employer said her dismissal was more

about abuse of trust than her Facebook activity.• Making fun of people, especially co-workers. For

example, a firefighter/paramedic in South Carolina So be careful what you do in this era of technology and the was fired after he posted on Facebook an animated world being this global social network that it is, for you video that he created, depicting a doctor and a never know “what can come back to bite you”, as is said in paramedic, which resembled some of his co-workers, local parlance. As rightfully said in the ACE Canada® and that was deemed "derogatory." Podcast, “in a more “open and transparent” world, “people

will be held to the consequences of their actions and be more • Playing “hooky” and then posting about it. A Swiss likely to behave responsibly.”

insurance worker called in sick, telling her employer

Editor’s Note continued from pg. 2

Board of Governors Meeting is currently being held, Grenada's Finance Minister and Governor on the the CDB is reported as stating that “Caribbean CDB Board, Hon. V. Nazim Burke who is Community (CARICOM) countries recorded mixed representing Grenada at the Annual Meetings, economic growth last year as they continued to welcomed this finding of the CDB and noted that grapple with the fallout from the global economic and “Grenada continues to make slow but steady progress financial crisis. The growth ranged from a downturn in its economic recovery”. in countries like Trinidad and Tobago, Antigua and Barbuda and St. Vincent and the Grenadines to Also representing Grenada at the meetings are: Mr. marginal growth in CARICOM countries like Timothy Antoine (Alternate Governor, CDB) and Barbados, St. Lucia and the British Virgin Islands.” Mr. Mervin Haynes (Director, CDB). However, “The Bahamas, Belize Dominica, Jamaica and Grenada all recorded “stronger than marginal The CDB Annual Meetings provide the forum for key growth” while only Haiti and Guyana had economic decision making with respect to the strategic priorities growth in excess of five per cent.” of the Bank.

Grenada Records Stronger than Marginal Growth In 2011 continued from front page

Petra


“Although real GDP declined for a second year in 2010, falling by 1.4 percent, there are some signs of a modest recovery this year. Tourism activity has picked up in the first quarter of 2011 compared to last year, agricultural output is expected to be higher, and construction is expected to grow as some previously delayed projects start. With growth in 2011 expected to be in the range of 1 to 1.5 percent, the authorities continue to face challenging circumstances. There are significant downside risks both from domestic and external factors. These risks stem from potential further increases in international prices of food and

fuel, and a slower-than-expected recovery in advanced countries, which would affect the tourism sector and lead to a slow recovery on employment and growth.

“The mission commended Grenada's authorities for addressing some of the structural impediments to private sector growth. There has been a reduction in the number of days it takes to start a business, a reduction in the number of days to register property due to simplification of procedures, and the establishment of a separate land registry. In addition,

STATEMENT BY AN IMF the cost and time needed for trading across borders have also decreased. MISSION TO GRENADA“Preliminary data indicate that the quantitative performance criteria on external debt accumulation An International Monetary Fund (IMF) mission led have been met. The primary deficit (excluding grants) by Ms. Nita Thacker visited St. George's during exceeded the target envisaged in the program by a March 14–22 to conduct discussions on the second moderate amount. The authorities remain firmly review of the government's economic program committed to fiscal consolidation to reduce the debt supported by the IMF's Extended Credit Facility service-to-revenue ratio in the medium and long term (ECF) approved on April 2, 2010. The mission held allowing for a better allocation of resources for discussions with the Minister of Finance Hon. Nazim priority spending, while cognizant of the significant Burke, Permanent Secretary of the Ministry of challenges ahead given the downside risks to the Finance Mr. Timothy Antoine, senior officials of economic outlook.various ministries, heads of statutory bodies,

representatives from the political opposition, the “Significant progress has been made on the structural financial sector and the business community. At the front, notwithstanding delays in some areas. In conclusion of the visit, Ms. Thacker issued the particular, the supervision of the non-banking following statement:financial sector has improved, but the introduction of the new customs platform and the establishment of a

“The mission had useful discussions on the second Public Procurement Unit has been delayed. The review under the IMF's Extended Credit Facility authorities remain committed to move this agenda program. The main elements for recommending a forward.completion of the review have been agreed upon. Some remaining work to complete the required “The mission thanks the authorities for their warm documentation is expected to be finalized in the hospitality and close cooperation it received during its coming weeks. stay in Grenada.”

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

3. Establishment of a Planning Unit within the Inland ST. GEORGE'S GRENADA, Friday, May 18, 2012: the Revenue DepartmentGrenada Technical Assistance Credit (GDTAC) Project

The Inland Revenue Division benefitted from a continues to co-ordinate reform activities to improve the Consultancy for the establishment of a Planning Unit efficiency and effectiveness of the Customs Division, within the Division. The consultancy was conducted Inland Revenue Division, Ministry of Trade, Grenada during the period October 2011 – April 2012. This Bureau of Standard and the Grenada Industrial involved the creation of a Planning and Monitoring Unit Development Corporation.and Development of an Organizational Chart along with defined job descriptions and functions. Implementation of several components is progressing well.

These components include:Identified members of staff have received training and the

1. ASYCUDA Implementation at the Customs Department. implementation of the recommendations for the Unit has On April 16 2012, the Declaration, Selectivity and commenced.Accounting Module of the ASYCUDA World System was

4. Development of a Trade Portal at the Ministry of launched at St. George's Port. Roll out of the system will be Environment and Tradesubsequently carried out at the other Ports in Grenada.

The firm Digital Business Ltd of Trinidad and Tobago continues to work on the Design and Development a Trade Information Portal for the Ministry of Trade. The Prototype of the Trade Portal was reviewed by Trade Officers and key stakeholders and has been finalized. Trade Officers, manufacturers and potential exporters were trained to maintain and utilize the facility. Seven (7) computers are being procured and will be strategically located throughout Grenada and Carriacou for use by manufacturers and exporters who do not have access to computers and internet services. The Division plans to officially launch the Portal/Website soon.

5. Implementation of an Investment Promotion StrategyArrangements are being made to launch this module in The Grenada Industrial Development Corporation Carriacou in early June 2012.officially launched the Grenada National Investment Generation Strategy and the rebranding of the entity on It therefore means that the process of clearing goods at the 26 April 2012. The strategy listed a subset of Customs Department can be done more efficiently. The transformational sectors for the enhancement of Department continues to provide assistance to Government's overall economic development. The areas Stakeholders to effectively use the system. are:

2. Customer Service Training and Training Needs i) Tourism and HospitalityAssessment at the Customs and Excise Department ii) Health/Education and Wellness Services

The staff of the Customs and Excise Division are more iii) Agribusinessconscious of the important role that excellent customer iv) Information and Communication Technologyservice plays in attaining successful performance. To v) Energy Developmentsupport this activity the Division recently concluded a Customer Service Consultancy during the period The objective of the Strategy is to improve the efficiency December 2010 to April 2012. All levels of staff at the and effectiveness of the investment generation system by Division were exposed to and benefitted from the Training creating conditions geared towards increasing the and a select group was trained to provide continuous attractiveness of the target sectors.training and monitoring of the service provided.

GRENADA TECHNICAL ASSISTANCECREDIT PROJECT UPDATE

Minister Burke and Ms. Carvelle Lett(head of the Asycuda Unit) cutting ribbon to open office


FINANCIAL TipGoal Setting

Set a concrete, attainable financial goal for each month and stick to that goal.

SAVE FOR EMERGENCIES

Everyday put all your small change in a container. After a month check to see how much money could be saving rather painlessly. Consider using that spare change to build or add to an emergency fund.

He then gave me back my card but kept the phone in his hand as if he was still pressing buttons.

Meanwhile, I'm thinking: I wonder what he is taking a picture of, oblivious to what was really going on.

It then dawned on me: the only thing there was my credit card, so now I'm paying close attention to what he is doing. He set his phone on the counter, leaving it open. About five seconds later, I heard the chime that tells you that the picture has been saved.

Now I'm standing there struggling with the fact that this boy just took a picture of my credit card.

Yes, he played it off well, because had we not had the same kind of phone, I probably would never have known what happened.

This is an actual experience: Needless to say, I immediately cancelled that card as I was walking out of the pizza parlor.

“Yesterday I went into a pizza restaurant to pick up an order that I had called in. I paid by using my Visa All I am saying is, be aware of your surroundings at all Check Card which, of course, is linked directly to my times. checking account.

Whenever you are using your credit card take caution and don't be careless. The young man behind the counter took my card,

swiped it, then laid it on the counter as he waited for Notice who is standing near you and what they are

the approval, which is pretty standard procedure. doing when you use your card.

While he waited, he picked up his cell phone and Be aware of phones, because many have a camera started dialing. I noticed the phone because it is the phone these days. same model I have, but nothing seemed out of the

BE AWARE Never let your credit card out of your ordinary. ? Then I heard a click that sounded like my sight.....check and check again!”phone sounds when I take a picture.

New way of Stealing - Part 3


On October 21, 2011, the ECCU Governments include individuals, as well as important institutions through the communiqué of the Monetary Council within the ECCU, such as banks and credit unions.provided an update on the implementation of the BAICO restructuring strategy. Funding is still being sought from the Government

of Trinidad and Tobago in order to provide financial This release provides the first update for 2012 on support to these policyholders. progress in respect of BAICO and CIL matters.

Litigation by BAICO1. BRITISH-AMERICAN INSURANCE COMPANY Litigation is continuing in Trinidad and Tobago by

BAICO against CL Financial for the recovery of a Progress of the sale of BAICO's Traditional US$49.5 million debt owed by CL Financial to Insurance Business BAICO.

We expect that the process for the sale of the Importantly, BAICO has also commenced litigation traditional insurance business of BAICO in the in the United States by filing a complaint against ECCU will be completed well before the end of this BAICO's former directors for alleged breach of their year. fiduciary duties by entering into a series of

speculative real estate investments in the United States which caused harm to BAICO including A number of bidders are currently participating in the rendering it insolvent. The complaint also includes sale process, and we anticipate that a bidder will be claims against other parties connected with the real selected and formal documentation entered into estate transaction. Some of the former directors around the end of the first quarter of 2012. being sued include Lawrence Duprey and Brian Brancker.Once final documentation is agreed with the

purchaser, the process of obtaining approvals of the ECCU/BAICO Health Insurance Support Fund transfers throughout the ECCU and in The Bahamas (“Fund”)will commence. This is the final phase of the process

of selling BAICO's traditional business.

As planned, the Fund, established by the ECCU Governments to meet BAICO's obligations to Assisting BAICO's non-traditional policyholdersclaimants under Health Insurance policies, closed for applications on December 31, 2011 after over The ECCU Governments have continued work seven months of operation.necessary to identify how it will be possible to provide

assistance to BAICO's policyholders in the ECCU The Fund has received over 1,300 Applications for who have non-traditional policies, such as Executive assistance, and is ultimately expected to pay out in Flexible Premium Annuities (EFPA), and who will excess of EC$3 million to health insurance thus not have their policies participate in the sale of policyholders.BAICO's traditional business. These policyholders

ECCU GOVERNMENTS UPDATE As of February 2012: BRITISH-AMERICAN INSURANCE COMPANY (BAICO)

AND CLICO INTERNATIONAL LIFE INSURANCE COMPANY (CIL)]

Statement

Continues on pg. 9


Update on British American and Clico cont'd from pg. 8

2. CLICO INTERNATIONAL LIFE to the viability of any new entity which may emerge INSURANCE COMPANY (CIL) from the existing operations of CIL.

During this first stage, several expressions of interest On April 14, 2011, Deloitte Consulting Ltd.

in CIL were received from local, regional and (“Deloitte”) was appointed as Judicial Manager of

international investors and it is expected that other CIL's head office operations in Barbados. Deloitte has

expressions would be forthcoming. The Judicial also been appointed as Judicial Manager of CIL's

Manager will seek to conclude negotiations with one branches in Grenada, St. Vincent, Dominica, Antigua

of the interested parties within the next five to six and Anguilla. Richard Surage of PKF was appointed as

months, subject to necessary Court and regulatory Judicial Manager of CIL's St. Lucia branch and Omax

approvals.Gardner also of PKF was appointed as Judicial Manager of CIL's St. Kitts & Nevis branch. A recommended course of action based on the

results of the concluded forensic audit, will be made by the Judicial Manager during its next update to the By press release dated January 27, 2012, the Judicial High Court of Barbados in February 2012. Manager of CLICO International Life Insurance

Limited reported that the first stage of the investor IN CONCLUSIONidentification process for the Company is now well

The ECCU Governments continue to work underway. steadfastly to identify solutions for individuals and

The release said that the objective of this process is to institutions affected by the BAICO and CLICO identify an investor with depth of management and situation. We wish to reiterate our appreciation to the financial capacity necessary to provide greater the citizens of the region for their patience as this confidence to policyholders and regulators as it relates work progresses.

for Customs Data to ASYCUDA World, now allows for the facilitation of commercial and non- commercial transactions with specific relevance to the Declaration, Selectivity and Accounting Module of the ASYCUDA World System.

This system provides the following benefits for the trading/business community:

· Faster Clearance Time · Simplified Procedures · User Friendly system· Fair Trade Practices · Integrated Tariff/Accurate and Consistent

Tax Calculations implementation is successful. The vision of the · Electronic Submission of Customs Division is to become an efficient and effective

Declarations/Manifests Customs Division in accordance with international · Pre-payment Accounts standards, thereby enhancing compliance and · Direct Trader Input (DTI) improving Customer Service. The Customs

Division aims to be the model Division in Grenada's The Customs Division is very committed to these Public Service offering professional services at all initiatives and will do all in its power to ensure that the times.

– Easing the Hassl for Importers and Exporters of Goods,continued from front page

eASYCUDA

Minister Burke, Comptroller of Customs and otherofficials at the opening of the ASYCUDA office


The Grenada Industrial Development Corporation Grenada's IPI has been ranked ahead of Trinidad and

(GIDC) has been ranked #1 among 77 Investment Tobago who placed 2nd and Jamaica who placed 3rd,

Promotion Institutions (IPI's) in Africa, the and has received an overall ranking of 26th among all

Caribbean and the Pacific. Investment Promotion Institutions in the world.

With a staff of 24 people, the GIDC intends to According to the Global Investment Promotion maintain its #1 ranking in the ACP and is prepared to Benchmarking 2012 report, a new report by the embark on new strategies so as to be ranked #1 World Bank Group, the GIDC has been able to attain Investment Promotion Institution in the world.this top spot by focusing on “speed and teamwork”.

The investment facilitation services of African, For more information visit

Caribbean and Pacific (ACP) countries were assessed Or contact the GIDC at:by evaluating their Investment Promotion Grenada Industrial Development Corporationintermediaries and responses to information requests Frequente Industrial Parkby potential investors in the tourism and agribusiness Frequente, St. George'ssectors. Specifically, an assessment was undertaken Phone: +1 (473) 444 1035-40 Fax: +1 (473) 444-4828

on the speed at responding to investment inquiries E-mail:

and the effectiveness of investment promotion Website: institutions websites.

https://www.Global

Investment Promotion Benchmarking.pdf

[email protected]

GIDC ranks #1 among Investment Promotion Institutions in Africa, the Caribbean

and the Pacific countries

Launch of the Grenada

Investment Generation Strategy by GIDC

The Grenada Investment Generation Strategy which • Is related to international and local market

was approved by Cabinet in August 2011 was realities

officially launched on Thursday April 26, at the • Seeks to ensure that there is optimal Grenada Grand Beach Resort, Crown Ball Room.

allocation of scarce national resources

The strategic thrust of the strategy is to increase • Takes into account the current “people private sector investment and job opportunities in the

capability” of the country while providing a transformational sectors of the economy over the means for learning, growth and capacity next five (5) years. The strategy:development

• Seeks to balance the economics of investment It was developed after careful assessment of with the social and cultural aspirations of the Grenada's investment climate, needs and potential people of Grenadaand its best bets niches for investment generation.

Continues on pg. 11


The assessment was done in conjunction with relevant the organisational structure to ensure clarity of roles

stakeholders who were engaged in one on one and responsibilities, moving towards being project

interviews, workshops and sector specific driven, developing cross functional and

consultations. The strategy was developed under the interdepartmental teams to assist with the

GDTAC project which supports the Government of implementation of projects, redesigning the

Grenada in improving the enabling environment for performance management system and integrating it

private sector led growth through the modernization with a monitoring and evaluation system.

of key public sector institutions. Additionally, the company is being rebranded to

better position itself among its competitors.The GIDC, the investment promotion agency of

Grenada, co-ordinated the preparation of the strategy The feature address at the launch was delivered by

and will play an integral part in its implementation. As the Prime Minister, Hon. Tillman Thomas.

part of the strategy, the GIDC is undergoing

comprehensive change processes including, realigning

Remember that fans cool people, not rooms, by creating a wind chill effect.

• Turn off appliances, lights and equipment when not in use.

• Unplug electronic devices and chargers when they aren't in use-most new electronics use electricity even when switched "off." Turn computers and printers off at the power strip.

• Switch off TV sets completely when not in use; do not leave in stand by mode.

• Keep refrigerator thermostats between 3 & 4 for efficiency.

• Decide on what you want out of the refrigerator before opening –standing in-front while door is open waste energy.

• Defrost refrigerators and freezers before ice • Take advantage of daylight instead of artificial buildup becomes 1/4-inch thick.

lighting• Use radios powered by batteries instead of

• electricity.Change out your current incandescent bulbs to

• Did you know that some cell phones have more efficient ones, for example: compact radios which use less energy? fluorescent bulbs use less energy to use as well as

emit a brighter light. They also last longer, and • Look for the ENERGY STAR® label on light

therefore need to be replaced less often, in turn bulbs, home appliances, electronics, and other

saving you money.products. ENERGY STAR products meet strict international efficiency guidelines. • Turn off fans when you leave the room.

Install more energy efficient light bulbs:

ENERGY SAVING TIPS

Continued from pg. 10

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

Riddle

&

Have a laugh...Fun

Facts Did U Know?

Fun Facts

Quotations

• That a car uses 1.6 ounces of gas idling for one minute and half an ounce of gas is used to start the average automobile?

• That aggressive driving such as speeding, and rapid acceleration and braking, wastes fuel?

• That recycling one glass jar, saves enough energy to watch T.V for 3 hours?

There are seven things that will destroy us: Wealth without work; Pleasure without conscience; Knowledge without character; Religion without sacrifice; Politics without principle; Science without humility; Commerce without morality – Mahatma Gandhi

I am the part of the bird that is not in the sky. I can swim in the ocean and yet remain dry. Who am I?Ans: The shadow of a bird

A Barrel contains 20lbs of sand. I put something in it and now it weighs less. What did I put?Ans: A hole

The man who invented it does not want it. The man who bought does not need it. The man who needs it does not know it. What is it?Ans: A coffin

I am as light as a feather, yet the strongest man can't hold me for more than a minute. What am I? Ans: My breath.

Thomas Edison, lightbulb inventor, was afraid of the dark!

Over 2500 left handed people a year are killed from using products made for right handed people!

MALE VS FEMALE AT THE ATM!A new sign in the Bank Lobby reads:"Please note that this bank is installing new Drive through ATM machines enabling customers to withdraw cash without leaving their vehicles. Customers using this new facility are requested to use the procedures outlined below when accessing their accounts. After months of careful research, MALE & FEMALE Procedures have been developed. Please follow the appropriate steps for your gender."

MALE PROCEDURE: 1. Drive up to the cash machine.2. Put down your car window. 3. Insert card into machine and enter PIN.4. Enter amount of cash required and withdraw. 5. Retrieve card, cash and receipt.6. Put window up. 7. Drive off.

FEMALE PROCEDURE:1. Drive up to cash machine. 2. Reverse and back up the required amount to align car window with the

machine. 3. Set parking brake, put the window down. 4. Find handbag, remove all contents onto passenger seat to locate card. 5. Tell person on cell phone you will call them back and hang up.6. Attempt to insert card into machine.7. Open car door to allow easier access to machine due to its excessive

distance from the car. 8. Insert card. 9. Re-insert card the right way. 10. Dig through handbag to find diary with your PIN written on the inside

back page. 11. Enter PIN. 12. Press cancel and re-enter correct PIN.13. Enter amount of cash required. 14. Check makeup in rear view mirror. 15. Retrieve cash and receipt. 16. Empty handbag again to locate wallet and place cash inside.17. Write debit amount in check register and place receipt in back of

checkbook.18. Re-check makeup. 19. Drive forward 2 feet. 20. Reverse back to cash machine.21. Retrieve card.22. Re-empty hand bag, locate card holder, and place card into the slot

provided! 23. Give dirty look to irate male driver waiting behind you.24. Restart stalled engine and pull off. 25. Redial person on cell phone. 26. Drive for 2 to 3 miles. 27. Release parking brake.


NOTICES

he Minister of Finance, Planning, Economy, Energy& Cooperatives, 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

Ms. Karen Samuel - Chairman (Attorney with nine years experience)Mr. Joseph Bain - Commissioner, (Former Accountant General)Mr. Cecil Edwards - Commissioner, (Former Comptroller, Inland Revenue)

RECONSTITUTION OF THE Mr. Fitzroy O'Neale - Commissioner (Retired Banker)INCOME TAX APPEAL TRIBUNAL Mr. Allan Bierzynski - Commissioner (Businessman)

All appeals can be lodged with the Secretary to the Tribunal as The Income Tax Appeal Tribunal has been reconstituted in follows:-accordance with Section 89, (1) & (2), of the Income Tax Act No. 36, of 1994. Ms. Rhona Andrew

Secretary, Income Tax Appeal Tribunal C/O Ministry of FinanceFinancial Complex, CarenageST. GEORGE'S

ST. GEORGES BUILDING SOCIETY The Grenada Authority for the Regulation of Financial Institutions (GARFIN) hereby advises the general public that the following entity is not licensed by GARFIN to conduct any type of international financial business activity in or from Grenada.

Mailing AddressP. O. Box 79 St. George's, Grenada, West IndiesRegistered Address - 65 Frequente Drive, Frequente, St. Georges, Grenada, West Indies

In particular St. Georges Building Society is not authorized The main objective of the Tribunal is to receive objections and to conduct financial business such as private equity financing appeals from persons who have received an assessment from and placements, financing corporate loans, gold bullion the Comptroller of the Inland Revenue and who are trading, company registrations, trust management and dissatisfied with the assessment. nominee services, company management and corporate director services. Additionally, the Tribunal in accordance with Section 107 (1)

& (2), of the Value Added Tax Act of 2009, is also responsible Persons transacting any of these financial activities with this for receiving objections and appeals from persons who are entity will be doing so at their own risk. dissatisfied with the assessment made by the Comptroller,

Inland Revenue.Please be guided accordingly.

The newly appointed Commissioners of the Tribunal are:

Members of the Tax Tribunal with Minister Burke

Minister's Visit to Project Co-ordinating Unit“... the engine room of the Public Service...”16 INSIDE FinanceFinance

MAREP, in order to evaluate and improve the income of The Market Access and Rural Enterprise Development rural young unemployed or self-employed men, women Programme (MAREP) has begun to administer the and other vulnerable persons in 50 rural communities in Social Capital Assessment Tool (SCAT) and the Grenada and Carriacou, has commissioned the conduct Empowerment Tool in its target communities; La of a RIMS Baseline Survey. This impact survey is Tante, Maran, Mt. Craven, Mt. Horne, Levera/La necessary to measure throughout the duration of the Fortune and Non Pariel. project the progress, outputs, outcomes and impact of The objective of the SCAT and Empowerment Tool is MAREP and to use this information to feed into the to assess social and economic conditions in the national policy framework on social and economic community, identify resources for development and development as it relates to poverty reduction, rural develop appropriate interventions in response to development and contribute towards Grenada's improve the social and economic well being of residents, achievement of the relevant Millennium Development particularly unemployed and underemployed young Goals. people and small agricultural and non agricultural

business operators. Administration of the SCAT will be completed during the first quarter of this year.

In conducting the SCAT, residents assess the community's physical assets, situation of family and youth, jobs, housing, health and the environment, education, business opportunities, basic needs and recreation facilities.

The objective of the Baseline Survey is to assess activities carried out in the households that contribute to the improvement of the social and economic conditions of resource poor and vulnerable households and small-scale producers as it relates to MAREP and RIMS Logical framework. It is also to assess critical information required to guide MAREP interventions and to assess The Empowerment Tool assesses Community Based MAREPs progress and impact over the next five years. Organisations and groups' strengths and weaknesses in

its levels of relations with the community, relations The RIMS Baseline Survey targets at least nine hundred

among members, registration, membership, financial (900) households below the poverty line in fifty (50)

management, democracy, leadership, direct rural communities in Grenada and Carriacou.

implementation and strategic alliances.

MAREP Launches its Social Capital and To date, MAREP has administered the SCAT and

Empowerment Assessment of Community Based Empowerment Tool in 4 target communities through

Organisations (CBOs)

MAREP RESULTS IMPACTMANAGEMENT SYSTEMS (RIMS)

AND BASELINE SURVEY

Administering SCAT & Empowerment Tools at Maran Resource Centre

Administering SCAT & Empowerment Tools at Maran Resource Centre

Continues on pg. 17


the community based organisations; La Tante through the La Tante Development Organisation, in Maran through the Maran Development Committee, in Levera/La Fortune through the Levera/La Fortune Organisation for Development and in Mt. Horne through the Mt. Horne Progressive Organisation.

Results have been disseminated in two communities - Maran and Mt. Horne. During the dissemination session, the CBO and community members in collaboration with MAREP identify needs of residents and develop preliminary plans to address those needs such as business development training, financial management training, parenting, home management training, health and gender training and plan activities to strengthen the Community Based Organisations to

livelihood of residents such as historical and cultural provide relevant service to the community, identify

landmarks, beaches, springs and waterfalls.resources that can be developed to improve the

Administering SCAT & Empowerment Tools at Mt. Horne Community Centre

The Grenada Market Access and Rural Enterprise and community based organizations, and cultural Development Programme (MAREP) has launched its performers who displayed messages, distributed national advocacy campaign to highlight and facilitate information and performed short plays, songs and awareness of issues pertinent to social and economic other performances related to the theme of the development. march.

In this regard, MAREP has conducted street marches Following the march, in St. David, participants were for “Better Parenting to Support Child Development,” invited to view the newly established Information in St. Mark, on Sunday April 22, 2012 and St. David Communication Technology (ICT) Center in Marl on Sunday, 20, 2012 . Mount.

The objective of these marches is to sensitize residents and increase awareness about positive parenting practices and how these positive practices can encourage and support children to participate in activities that will foster positive development such as through education and productivity; encourage children to use their creativity and energy in constructive ways such as for innovations and inventions; model appropriate social behaviours that make valuable contributions to their society and make positive choices that will help them to reach their full potential.

The marches were accompanied by drum corps, representatives of social development organisations

May

MAREP's March for BetterParenting to Support Child Development

Community members participating in march

Continued from pg. 16

“Health, Wellness and Education Services” has been IFC's advisory mandate, the private operator is identified as one of the five transformational sectors of likely to be contracted to:the Grenadian economy. In this context, the Government of Grenada (GoG) intends to establish a • design, build, finance, equip, manage the new public hospital to replace St. George's General facilities (including the associated maintenance Hospital (SGGH), which poses significant challenges

and non-clinical activities such as laundry, with respect to its design, the quality of the

catering, security, landscaping etc.);infrastructure, access and service delivery.

• operate and staff the clinical support services

(laboratory, medical gases, and diagnostic To achieve this goal, the Government of Grenada has imaging services); andretained IFC (International Finance Corporation) to

• manage the hospital's non-clinical adminis-provide advice on the development and trative activities. implementation of a public-private partnership (PPP)

contract for a replacement hospital. The hospital will also serve as a clinical teaching site for St. George's The GoG will likely maintain control over the University. delivery of the clinical services and the management

of those services, and has expressed its deep

commitment to the improvement of the quality of

these services, as well as to improvements in the The objective of new hospital PPP is to address the major challenges facing the delivery of healthcare structure and delivery of services in the primary services in Grenada—specifically: health system.

• the inherent inefficiencies as a consequence of the The following diagram illustrates the roles of the current configuration and design of hospital

services; and non-governmental (private) and public sectors

under the proposed contract. • the inappropriate physical placement and deteriorating infrastructure of SGGH.

Further, the new hospital PPP will respond to:

• the need to provide facilities for the clinical teaching of St. George's University medical students; and

• the future potential of a growing medical tourism market.

The PPP contract will be a competitively tendered

long-term performance based contract between the

Ministry of Finance and a private operator. While the

exact scope of services to be delivered under the PPP

will be determined during the due diligence phase of

Objective

PPP Project Scope

ALL ABOUT THEREPLACEMENT HOSPITAL

WITH TEACHING FACILITIES


General Hospital


WHAT'S BEENHAPPENING

NATIONAL OZONE UNIT (NOU) ESTABLISHES THREE (3) MORE RECOVERY AND RECYCLING CENTRES FOR REFRIGERATION AND AIR-CONDITIONING (RAC) TECHNICIANS IN GRENADA

The National Ozone Unit (NOU) in the Energy Division of the Ministry of Finance, as part of its Hydrochlorofluorocarbon (HCFC) Phase-out Management Plan (HPMP), which was launched in June 2011, has established three (3) more recovery and recycling centres in Grenada. These centres will make state-of-the-art equipment in the Refrigeration and Air-Conditioning (RAC) field available to technicians practices, particularly in the recovery and recycling in Grenada, Carriacou and Petitie Martinique. of refrigerants.

During a ceremony held at the Spiceland Mall Car thPark on Saturday January 28 , 2012, National Ozone

Among the equipment presented to the centres are: Officer, Mr. Leslie Smith, presented the equipment to Recovery Units, Electronic Refrigerant Scales, the owners of the three workshops where the Electronic Leak Detectors, Electronic Refrigerant equipment will be stationed. I d e n t i f i e r s , I n f r a - r e d T h e r m o m e t e r s , Recovery/Refillable Cylinders, Vacuum Pumps, The newly established centres are located in St. Micron Gauges and Hose and Gauge sets. The Andrew (Myke Mitchell's workshop), St. David equipment was supplied by the Grenada (Melville Mitchell's workshop) and Carriacou (Kennis Refrigration Air-conditioning and Ventilating Andrew's workshop). This brings the number of Association (GRAVA). Funding for the equipment centres now established in the State to twenty (20). was provided by the Multi-lateral Fund for the These centres will assist approximately 150 implementation of the Montreal Protocol which is technicians in carrying out good refrigeration

Kennis Andrew being authorised as a recycling agent

Melville Mitchell being authorised as a recycling agent

Myke Mitchell being authorised as a recycling agent

Continues on pg. 20

“... the engine room of the Public Service...”20 INSIDE FinanceFinanceContinues on pg. 21

Continued from pg 19

administered by the United Nations Development Programme (UNDP) as the implementing agency.

This initiative is part of the NOU's objective to prevent the release of harmful ozone depleting substances (ODS) into the atmosphere, some of which are themselves potent greenhouse gases (GHG) which can damage the ozone layer and contribute to global warming.

Mr. Smith, in his presentation at the ceremony, lamented the need for technicians to be trained in Good Refrigeration Practices and to do continuous research to be able to keep abreast with the rapidly emerging new technologies in the RAC sector. He Electrical (a local company) to launch the entire line also encouraged the technicians to take absolute good of Hydrocarbon refrigerants under the brand name, care of the equipment to ensure that as many Duracool®, for distribution throughout the sub-technicians as possible can benefit from their use. region. The launch ceremony was held at the

Spiceland Mall Car Park in Morne Rouge, St. The establishment of the centres is intended to assist George's, on Saturday, January 28th, 2012.Grenada in meeting its first phase-out targets under the HPMP. Grenada and several other developing countries are required under the Montreal Protocol on substances that deplete the ozone layer, to freeze consumption of HCFCs (refrigerants) in 2013; to reduce consumption by 10% in the year 2015; and to further reduce consumption by 25% in 2020, as initial measures.

In addition to the distribution of equipment for the establishment of these centres, the NOU also presented fifty (50) 30 lb and twenty-five (25) 50 lb cylinders to several technicians to facilitate recovery and storage of refrigerants.

Hydrocarbon refrigerants have been identified as Present at the ceremony were the President of non-ozone depleting and non-global warming and GRAVA, Mr. Michael Mitchell, and executive more energy efficient as compared to other members of the association; President of the Barbados Hydrochlorof luorocarbons (HCFC) and Refrigeration and Air-conditioning Association, Mr. hydrofluorocarbon (HFC) refrigerants currently Grantley Parris, together with the Secretary and used world-wide. This public private partnership is Treasurer of the Association; and local technicians consistent with Grenada's commitment to reduce and suppliers of refrigeration and air-conditioning carbon emissions.equipment.

This is the second Grenadian company that is a regional distributor for hydrocarbon refrigerants.

The National Ozone Unit attributes the increasing use of hydrocarbon refrigerants in Grenada to the The National Ozone Unit of the Energy Division several training courses that it has organized in the (NOU) of the Ministry of Finance joined with SNJ

THE NOU JOINS WITH LOCAL COMPANY TO LAUNCH ANOTHER HYDROCARBON REFRIGERANT LINE IN GRENADA

Practical demonstration at launch

Practical demonstration at launch


Continues on pg 22


last five years for refrigeration and air-conditioning compile, clean, analyse and disseminate census data. technicians. SNJ Electrical has participated in many of Ultimately, skills acquired through the training are these training programmes and its General Manager is intended to lead to improved evidence-based currently the Treasurer of the Grenada Refrigeration, decision-making and enhanced policy-making and Air-Conditioning and Ventilating Association planning capability at the national level.(GRAVA).

At the launch SNJ Electrical made several audio-visual presentations to outline the properties, advantages, usage and applications of the Duracool ® products. The Division of Economic and Technical The event ended with a Mobile Air Conditioning Cooperation in collaboration with the European (MAC) retrofit demonstration that would include the Development Fund Support Services Unit conversion of cars, sport utility vehicles (SUV's) and (EDF/SSU) of the Ministry of Finance hosted a

buses from R-134a refrigerant to hydrocarbon Project Writing Workshop from March 19 – 30, refrigerants. 2012 at the Grenada National Stadium, St. George's.

The purpose of the Workshop was to provide participants with the tools and techniques required for preparing, screening and prioritizing development projects with the aim of establishing a

The Central Statistical Office (CSO) of the Ministry bank of fully developed project proposals for of Finance hosted a Workshop on Census Data Analysis submission to regional and international donor

th thand Interpretation from Monday 13 to Friday 24 agencies and friendly Governments. February 2012 at the Grenada National Stadium.

This initiative is of paramount importance to the Ministry of Finance as it seeks to re-develop and expand the Public Sector Investment Programme (PSIP) consistent with the Growth and Poverty Reduction Strategy and other sector specific strategies.

The workshop was attended by Project Officers and/or Technical Officers involved in project development from the various Government Ministries and Departments.

Recognising the importance of strengthening the Country's data sources and its capacity to undertake

The Ministry of Finance, Planning, Economy, empirical research through the Population and Cooperatives and Energy is currently preparing to Housing Census specifically, the Caribbean design a National Strategy for the Development Development Bank (CDB) is supporting the of Statistics (NSDS) in Grenada. An NSDS will Government of Grenada in hosting this two-week enable Grenada to build a reliable statistical system training workshop in Census Data Analysis and that produces the data necessary to design, Interpretation. implement, and monitor national development policies and programmes. It will also help Grenada This workshop was aimed at strengthening the to meet regional and international commitments analytical skills of the staff in the CSO and other with respect to statistics.technicians in line Ministries enabling them to

PROJECT WRITING WORKSHOP FOR GOVERNMENT OFFICERS

CENSUS DATA ANALYSIS AND INTERPRETATION WORKSHOP FOR GRENADA

GRENADA HOLDS NATIONAL STRATEGY FOR THE DEVELOPMENT OF STATISTICS CONSULTATION

Participants at workshop

“... the engine room of the Public Service...”22 INSIDE FinanceFinanceContinues on pg 23

the strengths, weaknesses, opportunities and threats that currently exists, and through this, produce a road

As a first stage in the Development of the NSDS, a map which will see Grenada having a highly improved national consultation was held on Tuesday April statistical system that produces good statistics that is

th24 , 2012 at the Grenada Trade Centre Annex. responsive to the current and future needs of users

locally, regionally and internationally.

At the consultation, presentations were made on the Status of Statistics in Grenada; NSDS what and Why; Statistical Development in CARICOM; and the Jamaican Experience with Strategic Planning. Participants were placed into discussions groups under the following headings:

• The Main Gaps in Statistics in Grenada - user perspective;

• Priority Needs of Producing Agencies within the NSS;

• Coord ina t ion o f the NSS - Challenges and Opportunities;

• Reform and Restructuring for an This consultation brought key stakeholders together Effective NSS by revising of to assess the National Statistical System by identifying Institutional and Legislative Framework; and

• Statistical Advocacy

The faciliatation team for the consultation included:

· Dr. Philomen Harrison, Projector Director for Regional Statistics, CARICOM Secretariat, Guyana.

· Ms. Sonia Jackson, Director General, STATIN (Statistical Institute of Jamaica, a statutory body), Jamaica.

· M s . A n n a S a r o t t e , P r o g r a m m e Coordinator, Advocacy, Latin America & the Caribbean, PARIS21, Boulogne-Billancourt, France; and

Head table at opening of workshop

Participants at workshop




Continues on pg 24

· Mr. Halim Brizan and team from the Central tunities; and engage in Statistical Office cultural exchanges with

the European Union. The CARICOM Secretariat and the Partnership in Under the EPA, these

stStatistics for Development in the 21 Century opportunities are paired (PARIS21) is providing technical support to Grenada with legislative and in this process. regula tory commit-

ments.

The consultants of Greene and Greene offer over 20 years of legal

experience in areas of international trade, legislative review and legislative drafting. NEPAIU expressed The Grenada National Economic Partnership its gratitude to all stakeholders who accommodated Agreement Implementation Unit (NEPAIU), within the team of Greene and Greene and further reiterates the Ministry of Finance, continues to implement its the importance of stakeholder involvement in the work programme. In this EPA implementation process. NEPAIU looks regard, NEPAIU has forward to your continued cooperation as we ensure partnered with Greene that Grenada breaks barriers, creates opportunities and Greene in ensuring and enhances trade. that Grenada implements

an adequate legislative a n d r e g u l a t o r y framework, congruent with EPA provisions.

The three-person legal The National Economic Partnership Agreement team of Greene and Implementation Unit (NEPAIU) within the Greene (from Anguilla) Ministry of Finance in collaboration with the OECS conducted its inception mission April 16-20, 2012, Secretariat hosted a Round Table Discussion on the consulting over 15 local EPA stakeholders. EPA on Thursday May 17th, 2012 at the Red Cross Expressions of commit-Conference Room, Upper Lucas Street, St. ment to the EPA imple-George's. mentation process were

e c h o e d b y v a r i o u s The Discussion sought to increase awareness of the stakeholder groups and general public on Grenada's obligations under the key areas of legislative Agreement; its impact on trade; and the benefits to interventions were also Grenada and other OECS Member States.identified. Stakeholders noted the timeliness of The theme of the Discussion was: “Can Grenada and the consultancy and were other OECS States derive significant benefits from the

CARIFORUM-EU EPA?”pleased that assistance was being provided to

The presenters were Dr. Nigel Gravesande, ensure that Grenada is Registrar, TAMCC; Mr. Damien Greaves, Arts and effectively positioned to compete in the international Science Department, SGU; and Ms. Annette Henry, market. Registrar Corporate and Intellectual Office, Ministry of Legal Affairs.As a unique trade and development Agreement, the

CARIFORUM-EU EPA provides Grenada with an The CARIFORUM-EC EPA creates an opportu-inimitable platform to: trade goods, supply of ser-nity for CARIFORUM States to strengthen vices; undertake investment and e-commerce oppor-

GRENADA NATIONAL ECONOMIC P A R T N E R S H I P A G R E E M E N T ( E P A ) IMPLEMENTATION UNIT UNDERTAKES EPA LEGISLATIVE INTERVENTIONS

EPA UNIT HOLDS ROUND TABLE DISCUSSION ON THE BENEFITS OF THE PROGRAMME TO GRENADA AND THE OECS

Mrs. Dawn Walker, Technical/Administrative Support Officer

Mr. Desmond John, NationalEPA Implementation Coordinator

Ms. Nicole Garraway,Senior EPA Implementation Officer

“... the engine room of the Public Service...”24 INSIDE FinanceFinanceContinues on pg 25


regional cooperation and increase their trade capacity. This Conference was co-hosted by the Government In addition to this, the agreement further promotes of Barbados and the United Nations Development economic cooperation, increased European market Programme (UNDP).access, stronger EU relations, the elimination of poverty, good governance and the facilitation of sustainable growth and development. These opportu-nities have been extended to each CARIFORUM State which has signed unto the agreement.

The implementation of the EPA can play an impor-tant role in the economic growth of Grenada.

Further information on the CARIFORUM-EC EPA and the Round Table Discussion can be had from:

The Grenada National EPA Implementation Unit (NEPAIU)

Minister Burke was a lead Discussant for the session Ministry of Finance, Planning, Economy, Energy &

on Enabling Environment and Financing Sustainable Cooperatives

Energy for All SIDS, on Tuesday 8th May 2012. VAT BuildingCorner, Scott & Young Streets

Dr. Hugh Sealy, Adviser to Government on Energy St. George's

and Sustainable Development, was the Moderator Grenada

for the session on (473) 435-9251 (Telephone)

Doubling the Rate of (473) 435-9252 (Facsimile)

I m p r o v e m e n t i n [email protected] (E-Mail)

Energy Efficiency in SIDS by 2030 on Monday, 7th May 2012.

The United Nations General Assembly has

Minister for Finance, Planning, Economy, Energy dec lared 2012 the and Cooperatives, Hon. V. Nazim Burke and a team “International Year of Sustainable Energy for All.” As

such, the Secretary-General has launched a Sustainable Energy for All (SEFA) initiative to identify and mobilize action by stakeholders from across government, business, civil society, academia and the development community. In addition, the Secretary General has established a High-level Group draw up an Action Agenda, to be launched ahead of the upcoming United Nations Conference on Sustainable Development in Rio de Janeiro in June 2012 (Rio+20), on the basis of which all stakeholders can make concrete commitments to move the world toward sustainable energy for all by 2030.

of Senior Government Officials, attended a High Level As a means of moving forward this Agenda, the Conference of Small Island Developing States (SIDS) on Barbados Conference will seek to:Achieving Sustainable Energy For All, in Barbados.

MINISTER BURKE HEADS LOCAL TEAM TO HIGH LEVEL CONFERENCE ON SUSTAINABLE ENERGY IN BARBADOS

Minister Burke and other leaders at Sustainable Energy Conference.Picture source: sidsenergyforall.org

Dr. Hugh Sealy

Minister Burke, Lead Discussant in day two session

(Pic

ture

sou

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sid

sene

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oral

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Continues on pg 26

• Establish awareness and understanding of SIDS Grenada's legal and conditions and perspectives on sustainable regulatory framework for energy for all (SEFA); the exchange of informa-

tion for tax purposes was • Articulate SIDS commitment to support SEFA assessed by the Global

and convey SIDS support of SEFA as a core Forum Peer Review element of the three pillars of sustainable Group as being suffi-development (Social, Economic, and ciently compliant with Environmental); the Organisation for

Economic Co-operation • Build awareness in governments and their

a n d D e v e l o p m e n t institutions for the formulation of required

(OECD's) standard to policies and their enforcement in order to

allow Grenada to gradu-regulate the market and to attract investments

ate to phase two (2) of the review process. into affordable and sustainable energy services; and

In an effort to enhance tax transparency and reduce harmful tax competition among jurisdictions, the

• Foster recognition by governments and their international community, through the OECD, has

institutions of the importance of identifying launched an initiative to facilitate the exchange of

potential areas for doubling energy efficiencies, information for tax purposes between contracting

as well as development of alternative energy parties. The operational arm of the OECD for this

sources.initiative, the Global Forum, required jurisdictions to sign at least 12 tax information exchange agree-

The conference also provided an opportunity to ments (TIEAs), at the OECD standard, with their

discuss support to the SEFA targets and commitments significant trading partners to avoid being placed on

as one outcome of Rio+20, and contribute to the a sanctions list. Grenada has successfully achieved

discussion on the potential establishment of sustain-this compliance standard with the signing of 27

able development goals (SDGs) and related global relevant agreements, 14 of which are at the OECD

monitoring mechanisms.standard.

According to Conference organisers, the outcome of Signing 12 TIEAs was only the first step in the

the Conference was “a Declaration which describes the process. The Global Forum then facilitated an

realities and opportunities of SEFA from the SIDS assessment of Grenada's legal and regulatory

perspective.” This declaration also provides a “clear infrastructure to facilitate the exchange of informa-

statement of the unique circumstances, vulnerabilities tion with contracting parties. This review was

and needs of SIDS, and articulate SIDS support and conducted during October and November 2011 by

commitments towards the three SEFA objectives, in the assessors from the Global Forum and Grenada's peer

lead up to and at the Rio+20 conference…….” jurisdictions of Spain and Guernsey. The assess-ment team found that Grenada was fully or largely

The conference also increased the awareness on SIDS compliant with eight of the ten assessment criteria,

approaches to sustainable energy access and its one criterion was not applicable and the other was

impacts on people's lives. It provided a networking not compliant. The not compliant criterion was

opportunity to share successful experiences and influenced by the fact that the legislation does not

exchange information on sustainable energy initia-specifically require all offshore companies to retain

tives between regions (Caribbean, Pacific, and AIMS reliable underlying accounting documents (vouch-

region), countries, private sector, and civil society.ers) for all transactions for a period of at least five years.

The findings of the assessment team were recently endorsed and confirmed by the Global Forum Peer

GLOBAL FORUM PLENARY CONSIDERS GRENADA ELIGIBLE FOR GRADUATION TO THE PHASE TWO (2) REVIEW PROCESS

Mr. Niguel Streete,Deputy Executive Director, GARFIN



Review Plenary in Madrid, Spain, during the period 23 – 25 May 2012. The Plenary's endorsement and recommendation will now be sent to the Global Forum for ratification and publishing. Grenada was represented at the Madrid plenary by Mr Niguel Streete and Ms Marion Suit.

The successful completion of this phase one (1) review is an important milestone in Grenada's continued engagement with the international community as a credible, compliant and well regulated international financial centre. The rating of the Global Forum is internationally recognised as the gold standard for tax

The Booth provided an opportunity for workers transparency compliance. and persons doing business at the Ministerial Complex to inquire about tax balances, set up Grenada now looks forward to its phase two (2) payment plans, make payment on outstanding review which will be conducted during the second half

of 2013. This review will assess the corrections made to any deficiencies in the phase I review and assess Grenada's performance under its existing TIEAs and the administrative structure in place to facilitate such compliance.

In an effort to increase taxpayer awareness and accessibility to information on Property Tax, and taxes in general, the Inland Revenue Division (IRD) of

balances, and so benefit from the 5% rebate for 2012 taxes.

the Ministry OF Finance conducted a “Property Tax Information Booth” at the Ministerial Complex, Tax Officers were on hand to address queries or

stBotanical Gardens, and St. George's on Friday June 1 concerns on a tax matters. From all reports the 2012. initiative was a success.

ONE-DAY TAX BOOTH AT MINISTERIAL COMPLEX

Tax Officer advising tax payer





Designed and printed by Government Printery

Ministry of Finance, Planning, Economy, Energy & Co-operativesFinancial Complex, Carenage, St. George’s.Tel.: 440-2731-34, 435-0057; Fax: 440-4115;

Website: www.gov.gd; Email: [email protected]: Petra Charles-Joseph, Editor-in-Chief, 440-2731, ext.: 1108/435-0057

• No New Taxes

• No Cuts in Social Programmes or Safety Nets

• 5% Cut in Ministers' Salaries

• Over 950 jobs through the Imple-mentation and Continuation of Public Sector Projects such as the New Parliament Building; Grenville Market Development Project; Feeder Road Phase II; & MAREP

• Year of Nutmeg and Other Spices – Massive Replanting Campaign

• Assistance to at least 1,100 Small Farmers under the Small Farmers Vulnerability Reduction Initiative Project

• International Five-Star Resort

• EC$2M Increase in Allocation for Marketing Grenada

• FIT for Work (Follow IT for Work) Programme for Youths – 2,000 Young Persons will be Trained and Provided Employment Opportunities

• Community Access Points through-out the State - This will make ICT Services Accessible in Communities

• Better and Faster Clearance of Goods with the Full Implementation of ASYCUDA World at the Customs

• Extension of Special Rate (7.5%) on Cement, Lumber, Steel, and Roofing Material

• Extension of Tax Rebate for Manufacturers

• Zero Rate of Excise Tax on Alcohol to be used as an Input into Manufacturing

• Zero Rate of VAT for Purchase of Capital Goods and Materials by an Approved Investor during the Implementation Phase of a Project

• Upgrading of ten (10) Schools

• Scholarships in Various Disciplines

• Removal of VAT on Coffins

• Construction of Dover Hard Court

• Average of 23% Reduction in Expenditure on Utilities.

Documents

Inside Finance, Volume 8, Issue 1 - January - May 2012