Grenada pleased with national debate on economy ST. GEORGE’S, Grenada, Friday October 4, 2013, CMC – The Grenada government, which is contemplating entering into an agreement with the International Monetary Fund (IMF), says it is encouraged by the support given by non-governmental organizations to restructure the country’s national debt. It said the Grenada Conference of Churches, the Grenada Private Sector Organisation, the Grenada Trade Union Council and the Inter-agency Group of Development Organisations have all voiced their support for government’s plan to restructure the national debt. Representatives of these organizations spoke during the first in a series of “Social Partner’s Forum” earlier this week to debate issues of national concern. “Do we support a comprehensive work out of the debt and the answer is yes, and that was the first point we made to the Government in May,” said Father Sean Doggett, using biblical references to strengthen his argument. “Our concern is that what happens … the poorest and most vulnerable. We are also concern that the poor and marginalized must benefit from any program… their interest should be to the front”. The debt restructuring is a key component of a home grown programme Grenada is discussing with the IMF and the Keith Mitchell administration has already warned nationals they should be prepared for change. Mitchell is due to visit Washington later this month for talks with the IMF and has promised to continue the national dialogue. He has been meeting which various groups to solicit feedback and has been outlining the various issues being discussed with the IMF whose board members meet in December for decision on Grenada’s home grown programme. The labour movement representative, Kenny James, said, while labour supports debt restructuring it was opposed to any move to retrench workers. James said the unions would instead favour a redeployment of workers, measures to enhance government’s revenue collection, a cell phone levy, a financial transaction tax as well as a review of the current income tax threshold. No retrenchment of workers. In an economy where the unemployment rate is forty percent, any further loss of jobs can have catastrophic socio- economic consequences on our society”. Judy Williams, who represented development group at the forum, said the country’s debt management strategy has been poor and Grenada must first examine the process that would have led to our current economic problems. ”We also want to say that the poor management is also a reflection of the broader issue of governance and accountability,” said Williams. “We feel compel to ask for an examination of the process which led us to the current reality”. Permanent Secretary in the Ministry of Finance, Timothy Antoine, who represented the government, stressed that public debt is a matter for all Grenada. He said the benefits of an emerging programme would result in significant reductions in the national debt, about US$300 million in debt relief, substantial grant aid and technical support including in tax collection. “Grenada has the potential to be the strongest economy in the Eastern Caribbean Currency Union (ECCU) . But we must take some important decisions...some tough decisions starting with the simple proposition of spending no more than we earn,” said Antoine. “To convince our creditors that we not only need help but that we have learnt our lesson, we must make important sacrifices”. The second national Social Partner’s Forum, to be held on October 15, will focus on jobs.
Posted on: Fri, 04 Oct 2013 21:55:31 +0000
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