GRENADA’S CABINET HOLD FIRST SESSION FOR NEW YEAR

ST.GEORGE’S, GRENADA, JANUARY 4^th 2010; Prime Minister, Hon. Tillman Thomas, today presided over his first Cabinet meeting in 2010.

The meeting examined the final preparation for the 2010 budget, which will be presented to Parliament on January 15^th 2010. This year’s Estimates of Revenue and Expenditure will address the expansion of the productive sectors and continue to support the Government’s priority areas, including employment.

The Government’s handling of the economy continues to attract international attention, with the European Union and the International Monetary Fund praising the administration’s efforts in the face of the current global economic downturn and the recent food and fuel crises.

The deputy Managing Director and acting chair of the International Monetary Fund (IMF), Takatoshi Kato said “the authorities have continued to implement steadfastly their PRGF-supported program, focusing macroeconomic policies on coping with the short-term impact of the external shocks, while laying the foundation for sustainable and broad-based economic growth.”

Prime Minister Thomas, speaking just prior to his first Cabinet meeting for the new year said he is pleased with the IMF review as it shows his administration is taking the right measures to refocus the economy and position the country to take advantage of the benefits that will come when the global economy rebounds.

“What is clear is that we are on the right track as we work to build a new economy. The measures in the 2010 budget will speak to our commitment to returning our productive sectors to growth and put people back to work. We are hopeful that 2010 will be a better year for us as the global economy shows signs of a turnaround,” he said.

His comments were echoed by Finance Minister Hon. Nazim Burke, who indicated that the strategies implemented by his ministry, were bearing fruit. He pointed out that as a result of the Government’s handling of the economy, the IMF recently disbursed the sum of US$6.2 million to Grenada, bringing total disbursements to US$23.5 million under the Poverty Reduction and Growth Facility.

The Minister has issued an invitation to Grenadians to attend the January 15^th presentation of the 2010 budget at the Trade Center.