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

GRENADA

A Publication of the Ministry of Finance, Planning, Economy, Energy & Cooperatives Volume 8, Issue 1, January - May 2012

ASYCUDA

– Easing the Hassle for Importers and Exporters of Goods The Division of Customs and Excise of the Ministry of Finance officially launched the ASYCUDA World System on Monday 16th 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 Continues on pg 9

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GRENADA RECORDS STRONGER THAN MARGINAL

GROWTH

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.

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

Picture source CDB

In a May 23rd, 2012, News Release coming out of the Cayman Islands, where the CDB's 42nd Annual Continues on pg. 4

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We are on Facebook, look for Finance Grenada

IN 2011 (ACCORDING TO THE CDB)

Editor’s Note

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.

Don't Get Fired Because of the Social Media The Social media has become so much a part of our everyday lives that from time to time one can hear persons commenting that they cannot imagine what life would be like without its existence.

It is no secret that social media has brought with it many benefits to individuals as well as businesses alike. A recent release of ACE Canada® Podcast is quoted as stating, “The opportunity to interact with anyone, anywhere, anytime is too world-changing to ignore. It has altered the traditional media expectation of consumers listening passively to radio and television broadcasts, or reading newspapers and magazines, with no hope of an immediate interaction. With Social Media, all that changed….it has changed the way companies approach advertising and promotion through the media…” However the article went on to state: “It's important to understand the considerable downside that coexists with the remarkable upside of using social media…”

This downside includes risks associated with security, reputation assassination/defamation of character, privacy, fraud, and employment, to name a few. Of all the risks, I want to concentrate the remainder of this discourse on the risks of the social media to one's employment.

According to The Allentown Morning Call, “Seventy percent of recruiters and hiring managers in the United States

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.

• Employees bashing their employers and clients, or declaring their search for a new job via face book or 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 Boy'd." The group featured a picture of the company's logo surrounded by a red circle with a slash through the center and made derogatory comments about the store and its customers. Also A young woman in the United Kingdom was fired in August 2009 after posting on her Facebook page, "OMG I HATE MY JOB!! My boss is a total pervvy…” The boss responded with a few comments of his own, ending with, "And lastly, you also seem to have forgotten that you have two weeks left on your six-month trial period. Don't bother coming in tomorrow. I'll pop your P45 in the post and you can come in whenever you like to pick up any stuff you've left here. And yes, I'm serious."

• Workers posting inappropriate pictures and videos to YouTube, reflecting poorly on the company. For example, a former high school teacher in Georgia was forced to resign when her principal questioned her Facebook page, which included an expletive and photos of her holding wine and beer. Also in April 2009 two Domino's Pizza employees posted a video on YouTube that showed one employee filming another sticking cheese inside his nose and passing gas on the food -- implying it would be delivered to customers from the store!

Continues on pg. 4

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

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;

Hon. V. Nazim Burke

Minister's Note Trade in Services in the EPA Adapted from Remarks made at Workshop in last quarter of 2011 The Economic Partnership Agreement (EPA) is both a Trade and Development Agreement.

The trade provisions require legislative and regulatory reforms at the regional and national levels that ensure removal of restrictions to free trade.

The development cooperation provisions commit the European Union to support those reforms and to assist Member States build institutional and technical capacity to implement the Agreement.

In characterizing the state of the global economy and the challenges it poses for our future, United States President Barak Obama observed that: “This is the moment when we must build on the wealth that open markets have created, and share its benefits more equitably. Trade has been a cornerstone of our growth and global

Grenadian Service Providers can have temporary access to EU markets to supply services in twentynine service sectors ranging from accounting services, to architectural services to fashion model services, entertainment services, computer and related services, tour operators and tourist guide services to name a few.

Our economy is a services oriented economy. Our government has identified five sectors to transform the economy in the medium to long term. Three of the five transformational sectors are services oriented. These three services oriented transformational sectors are Education Health and Wellness Services, Tourism and Hospitality Services and Information and Communication Technology (ICT). The other sectors are Agribusiness and Energy Development.

It is important that we understand this opportunities that exist for trade in services. Such an understanding will allow business persons to identify the areas of specific interest to his/her business and to make strategic business decisions. It must be noted that if our service providers are to realize the opportunities that abound in this Agreement, it is critical that the requisite certification and accreditation be attained. This I am sure, will be addressed through our local office.

Continues on pg. 4

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Finance 3 INSIDE

Minister's Message continued from pg. 3 Many pundits have questioned the commitment of Member States of the Cariforum to implement the EPA. These pundits argue that since the signature of the EPA in October 2008 and its provisional application in December of that year, progress towards implementation has been slow.

We believe the biggest constraints to implementation appear to be insufficient capacity at the national level and the unavailability of ADEQUATE financing to support implementation.

In Grenada, we have started the process of implementation of the EPA in earnest with the establishment of the EPA Implementation Unit in April 2011. The Unit is staffed by a Coordinator and two Officers.

We are in the process of recruiting a Legal Counsel to assist with the legislative and regulatory work.

The Unit working steadfastly in the implementation process.

Government's role in this process is to ensure the legislative, regulatory and institutional frameworks are in place to give effect to its obligations under the Agreement.

In so doing, government will involve its partners and stakeholders, through the sharing of information, as well as the holding of meetings and consultations to hear their concerns and receive the input and recommendations of stakeholders.

I call on all stakeholders to work together with government to ensure that Grenada achieve as much benefits it can from the market access opportunities of the EPA. I end with a quote from the nineteenth century Scottish writer Robert Louis Stevenson who said and I quote: “don't judge each day by the harvest you reap, but by the seeds you plant”.

May we all continue to plant the seeds that will allow Grenada to blossom into the dynamic prosperous country it has the potential to be.

Editor’s Note continued from pg. 2 • Posting confidential details. For example in 2008 in the U.K., a juror was dismissed when she posted details of the trial on her Facebook page. "I don't know which way to go, so I'm holding a poll," she wrote.

• Making fun of people, especially co-workers. For example, a firefighter/paramedic in South Carolina was fired after he posted on Facebook an animated video that he created, depicting a doctor and a paramedic, which resembled some of his co-workers, and that was deemed "derogatory."

• Playing “hooky” and then posting about it. A Swiss insurance worker called in sick, telling her employer

that she could not sit in front of a computer and needed to lie in the dark. She got caught however, when a colleague saw that she was active on Facebook. Her employer said her dismissal was more about abuse of trust than her Facebook activity.

So be careful what you do in this era of technology and the world being this global social network that it is, for you never know “what can come back to bite you”, as is said in local parlance. As rightfully said in the ACE Canada® Podcast, “in a more “open and transparent” world, “people will be held to the consequences of their actions and be more likely to behave responsibly.”

Petra

Grenada Records Stronger than Marginal Growth In 2011 continued from front page Board of Governors Meeting is currently being held, the CDB is reported as stating that “Caribbean Community (CARICOM) countries recorded mixed economic growth last year as they continued to grapple with the fallout from the global economic and financial crisis. The growth ranged from a downturn in countries like Trinidad and Tobago, Antigua and Barbuda and St. Vincent and the Grenadines to marginal growth in CARICOM countries like Barbados, St. Lucia and the British Virgin Islands.”

However, “The Bahamas, Belize Dominica, Jamaica and Grenada all recorded “stronger than marginal growth” while only Haiti and Guyana had economic growth in excess of five per cent.”

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Grenada's Finance Minister and Governor on the CDB Board, Hon. V. Nazim Burke who is representing Grenada at the Annual Meetings, welcomed this finding of the CDB and noted that “Grenada continues to make slow but steady progress in its economic recovery”.

Also representing Grenada at the meetings are: Mr. Timothy Antoine (Alternate Governor, CDB) and Mr. Mervin Haynes (Director, CDB).

The CDB Annual Meetings provide the forum for key decision making with respect to the strategic priorities of the Bank.

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

“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.

STATEMENT BY AN IMF MISSION TO GRENADA An International Monetary Fund (IMF) mission led

by Ms. Nita Thacker visited St. George's during March 14–22 to conduct discussions on the second review of the government's economic program supported by the IMF's Extended Credit Facility (ECF) approved on April 2, 2010. The mission held discussions with the Minister of Finance Hon. Nazim Burke, Permanent Secretary of the Ministry of Finance Mr. Timothy Antoine, senior officials of various ministries, heads of statutory bodies, representatives from the political opposition, the financial sector and the business community. At the conclusion of the visit, Ms. Thacker issued the following statement: “The mission had useful discussions on the second review under the IMF's Extended Credit Facility program. The main elements for recommending a completion of the review have been agreed upon.

Some remaining work to complete the required documentation is expected to be finalized in the coming weeks.

“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, the cost and time needed for trading across borders have also decreased.

“Preliminary data indicate that the quantitative performance criteria on external debt accumulation have been met. The primary deficit (excluding grants) exceeded the target envisaged in the program by a moderate amount. The authorities remain firmly committed to fiscal consolidation to reduce the debt service-to-revenue ratio in the medium and long term allowing for a better allocation of resources for priority spending, while cognizant of the significant challenges ahead given the downside risks to the economic outlook.

“Significant progress has been made on the structural front, notwithstanding delays in some areas. In particular, the supervision of the non-banking financial sector has improved, but the introduction of the new customs platform and the establishment of a Public Procurement Unit has been delayed. The authorities remain committed to move this agenda forward.

“The mission thanks the authorities for their warm hospitality and close cooperation it received during its stay in Grenada.”

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

Finance 5 INSIDE

GRENADA TECHNICAL ASSISTANCE CREDIT PROJECT UPDATE ST. GEORGE'S GRENADA, Friday, May 18, 2012: the Grenada Technical Assistance Credit (GDTAC) Project continues to co-ordinate reform activities to improve the efficiency and effectiveness of the Customs Division, Inland Revenue Division, Ministry of Trade, Grenada Bureau of Standard and the Grenada Industrial Development Corporation.

Implementation of several components is progressing well.

These components include: 1. ASYCUDA Implementation at the Customs Department.

On April 16 2012, the Declaration, Selectivity and Accounting Module of the ASYCUDA World System was launched at St. George's Port. Roll out of the system will be subsequently carried out at the other Ports in Grenada.

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

Arrangements are being made to launch this module in Carriacou in early June 2012.

It therefore means that the process of clearing goods at the Customs Department can be done more efficiently. The Department continues to provide assistance to Stakeholders to effectively use the system.

2. Customer Service Training and Training Needs Assessment at the Customs and Excise Department The staff of the Customs and Excise Division are more conscious of the important role that excellent customer service plays in attaining successful performance. To support this activity the Division recently concluded a Customer Service Consultancy during the period December 2010 to April 2012. All levels of staff at the Division were exposed to and benefitted from the Training and a select group was trained to provide continuous training and monitoring of the service provided.

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3. Establishment of a Planning Unit within the Inland Revenue Department The Inland Revenue Division benefitted from a Consultancy for the establishment of a Planning Unit within the Division. The consultancy was conducted during the period October 2011 – April 2012. This involved the creation of a Planning and Monitoring Unit and Development of an Organizational Chart along with defined job descriptions and functions.

Identified members of staff have received training and the implementation of the recommendations for the Unit has commenced.

4. Development of a Trade Portal at the Ministry of Environment and Trade 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 Strategy The Grenada Industrial Development Corporation officially launched the Grenada National Investment Generation Strategy and the rebranding of the entity on 26 April 2012. The strategy listed a subset of transformational sectors for the enhancement of Government's overall economic development. The areas are: i) Tourism and Hospitality ii) Health/Education and Wellness Services iii) Agribusiness iv) Information and Communication Technology v) Energy Development The objective of the Strategy is to improve the efficiency and effectiveness of the investment generation system by creating conditions geared towards increasing the attractiveness of the target sectors.

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

New way of Stealing - Part 3 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: “Yesterday I went into a pizza restaurant to pick up an order that I had called in. I paid by using my Visa Check Card which, of course, is linked directly to my checking account.

The young man behind the counter took my card, swiped it, then laid it on the counter as he waited for the approval, which is pretty standard procedure.

While he waited, he picked up his cell phone and started dialing. I noticed the phone because it is the same model I have, but nothing seemed out of the ordinary. ? Then I heard a click that sounded like my phone sounds when I take a picture.

Needless to say, I immediately cancelled that card as I was walking out of the pizza parlor.

All I am saying is, be aware of your surroundings at all times.

Whenever you are using your credit card take caution and don't be careless.

Notice who is standing near you and what they are doing when you use your card.

Be aware of phones, because many have a camera phone these days.

BE AWARE Never let your credit card out of your sight.....check and check again!”

Tip FINANCIAL Goal 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. “... the engine room of the Public Service...”

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ECCU GOVERNMENTS UPDATE As of February 2012: BRITISH-AMERICAN INSURANCE COMPANY (BAICO) AND CLICO INTERNATIONAL LIFE INSURANCE COMPANY (CIL)] Statement On October 21, 2011, the ECCU Governments through the communiqué of the Monetary Council provided an update on the implementation of the BAICO restructuring strategy.

This release provides the first update for 2012 on progress in respect of BAICO and CIL matters.

include individuals, as well as important institutions within the ECCU, such as banks and credit unions.

Funding is still being sought from the Government of Trinidad and Tobago in order to provide financial support to these policyholders.

Litigation by BAICO

1. BRITISH-AMERICAN INSURANCE COMPANY Progress of the sale of BAICO's Traditional Insurance Business We expect that the process for the sale of the traditional insurance business of BAICO in the ECCU will be completed well before the end of this year.

A number of bidders are currently participating in the sale process, and we anticipate that a bidder will be selected and formal documentation entered into around the end of the first quarter of 2012.

Once final documentation is agreed with the purchaser, the process of obtaining approvals of the transfers throughout the ECCU and in The Bahamas will commence. This is the final phase of the process of selling BAICO's traditional business.

Assisting BAICO's non-traditional policyholders The ECCU Governments have continued work necessary to identify how it will be possible to provide assistance to BAICO's policyholders in the ECCU who have non-traditional policies, such as Executive Flexible Premium Annuities (EFPA), and who will thus not have their policies participate in the sale of BAICO's traditional business. These policyholders

Litigation is continuing in Trinidad and Tobago by BAICO against CL Financial for the recovery of a US$49.5 million debt owed by CL Financial to BAICO. Importantly, BAICO has also commenced litigation in the United States by filing a complaint against BAICO's former directors for alleged breach of their fiduciary duties by entering into a series of speculative real estate investments in the United States which caused harm to BAICO including rendering it insolvent. The complaint also includes claims against other parties connected with the real estate transaction. Some of the former directors being sued include Lawrence Duprey and Brian Brancker.

ECCU/BAICO Health Insurance Support Fund (“Fund”) As planned, the Fund, established by the ECCU Governments to meet BAICO's obligations to claimants under Health Insurance policies, closed for applications on December 31, 2011 after over seven months of operation.

The Fund has received over 1,300 Applications for assistance, and is ultimately expected to pay out in excess of EC$3 million to health insurance policyholders.

Continues on pg. 9

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

2. CLICO INTERNATIONAL LIFE INSURANCE COMPANY (CIL) On April 14, 2011, Deloitte Consulting Ltd. (“Deloitte”) was appointed as Judicial Manager of CIL's head office operations in Barbados. Deloitte has also been appointed as Judicial Manager of CIL's branches in Grenada, St. Vincent, Dominica, Antigua and Anguilla. Richard Surage of PKF was appointed as Judicial Manager of CIL's St. Lucia branch and Omax Gardner also of PKF was appointed as Judicial Manager of CIL's St. Kitts & Nevis branch.

By press release dated January 27, 2012, the Judicial Manager of CLICO International Life Insurance Limited reported that the first stage of the investor identification process for the Company is now well underway.

The release said that the objective of this process is to identify an investor with depth of management and the financial capacity necessary to provide greater confidence to policyholders and regulators as it relates

to the viability of any new entity which may emerge from the existing operations of CIL. During this first stage, several expressions of interest in CIL were received from local, regional and international investors and it is expected that other expressions would be forthcoming. The Judicial Manager will seek to conclude negotiations with one of the interested parties within the next five to six months, subject to necessary Court and regulatory approvals.

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 High Court of Barbados in February 2012.

IN CONCLUSION The ECCU Governments continue to work steadfastly to identify solutions for individuals and institutions affected by the BAICO and CLICO situation. We wish to reiterate our appreciation to the citizens of the region for their patience as this work progresses.

ASYCUDA

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

for Customs Data to ASYCUDA World, now allows for the facilitation of commercial and noncommercial 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 · Electronic Submission of Customs Declarations/Manifests · Pre-payment Accounts · Direct Trader Input (DTI) The Customs Division is very committed to these initiatives and will do all in its power to ensure that the

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

implementation is successful. The vision of the Division is to become an efficient and effective Customs Division in accordance with international standards, thereby enhancing compliance and improving Customer Service. The Customs Division aims to be the model Division in Grenada's Public Service offering professional services at all times.

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

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GIDC ranks #1 among Investment Promotion Institutions in Africa, the Caribbean and the Pacific countries The Grenada Industrial Development Corporation (GIDC) has been ranked #1 among 77 Investment Promotion Institutions (IPI's) in Africa, the Caribbean and the Pacific.

According to the Global Investment Promotion Benchmarking 2012 report, a new report by the World Bank Group, the GIDC has been able to attain this top spot by focusing on “speed and teamwork”.

The investment facilitation services of African, Caribbean and Pacific (ACP) countries were assessed by evaluating their Investment Promotion intermediaries and responses to information requests by potential investors in the tourism and agribusiness sectors. Specifically, an assessment was undertaken on the speed at responding to investment inquiries and the effectiveness of investment promotion institutions websites.

Grenada's IPI has been ranked ahead of Trinidad and Tobago who placed 2nd and Jamaica who placed 3rd, and has received an overall ranking of 26th among all Investment Promotion Institutions in the world.

With a staff of 24 people, the GIDC intends to maintain its #1 ranking in the ACP and is prepared to embark on new strategies so as to be ranked #1 Investment Promotion Institution in the world.

For more information visit https://www.Global Investment Promotion Benchmarking.pdf Or contact the GIDC at: Grenada Industrial Development Corporation Frequente Industrial Park Frequente, St. George's Phone: +1 (473) 444 1035-40 Fax: +1 (473) 444-4828 E-mail: invest@grenadaidc.com Website: www.grenadaidc.com

Launch of the Grenada Investment Generation Strategy by GIDC The Grenada Investment Generation Strategy which was approved by Cabinet in August 2011 was officially launched on Thursday April 26, at the Grenada Grand Beach Resort, Crown Ball Room.

The strategic thrust of the strategy is to increase private sector investment and job opportunities in the transformational sectors of the economy over the next five (5) years. The strategy: •

Seeks to balance the economics of investment with the social and cultural aspirations of the people of Grenada

•

Is related to international and local market realities

•

Seeks to ensure that there is optimal allocation of scarce national resources

•

Takes into account the current “people capability” of the country while providing a means for learning, growth and capacity development

It was developed after careful assessment of Grenada's investment climate, needs and potential and its best bets niches for investment generation.

Continues on pg. 11

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Continued from pg. 10 The assessment was done in conjunction with relevant stakeholders who were engaged in one on one interviews, workshops and sector specific consultations. The strategy was developed under the GDTAC project which supports the Government of Grenada in improving the enabling environment for private sector led growth through the modernization of key public sector institutions.

The GIDC, the investment promotion agency of Grenada, co-ordinated the preparation of the strategy and will play an integral part in its implementation. As part of the strategy, the GIDC is undergoing comprehensive change processes including, realigning

the organisational structure to ensure clarity of roles and responsibilities, moving towards being project driven, developing cross functional and interdepartmental teams to assist with the implementation of projects, redesigning the performance management system and integrating it with a monitoring and evaluation system.

Additionally, the company is being rebranded to better position itself among its competitors.

The feature address at the launch was delivered by the Prime Minister, Hon. Tillman Thomas.

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

•

Take advantage of daylight instead of artificial lighting

•

Install more energy efficient light bulbs: Change out your current incandescent bulbs to more efficient ones, for example: compact fluorescent bulbs use less energy to use as well as emit a brighter light. They also last longer, and therefore need to be replaced less often, in turn saving you money.

•

Turn off fans when you leave the room.

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

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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.

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

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Keep refrigerator thermostats between 3 & 4 for efficiency.

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

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Defrost refrigerators and freezers before ice buildup becomes 1/4-inch thick.

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Use radios powered by batteries instead of electricity.

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Did you know that some cell phones have radios which use less energy?

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Look for the ENERGY STAR® label on light bulbs, home appliances, electronics, and other products. ENERGY STAR products meet strict international efficiency guidelines.

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

Finance 11 INSIDE

Facts &

Fun

Have a laugh...

Did U Know?

•

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?

Riddle 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.

Fun Facts 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!

Quotations 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

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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.

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

S E C I T O N RECONSTITUTION OF THE INCOME TAX APPEAL TRIBUNAL

The Income Tax Appeal Tribunal has been reconstituted in accordance with Section 89, (1) & (2), of the Income Tax Act No. 36, of 1994.

Ms. Karen Samuel - Chairman (Attorney with nine years experience) Mr. Joseph Bain - Commissioner, (Former Accountant General) Mr. Cecil Edwards - Commissioner, (Former Comptroller, Inland Revenue) Mr. Fitzroy O'Neale - Commissioner (Retired Banker) Mr. Allan Bierzynski - Commissioner (Businessman) All appeals can be lodged with the Secretary to the Tribunal as follows:Ms. Rhona Andrew Secretary, Income Tax Appeal Tribunal C/O Ministry of Finance Financial Complex, Carenage ST. 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 Address P. O. Box 79 St. George's, Grenada, West Indies Registered Address - 65 Frequente Drive, Frequente, St. Georges, Grenada, West Indies Members of the Tax Tribunal with Minister Burke

The main objective of the Tribunal is to receive objections and appeals from persons who have received an assessment from the Comptroller of the Inland Revenue and who are dissatisfied with the assessment.

Additionally, the Tribunal in accordance with Section 107 (1) & (2), of the Value Added Tax Act of 2009, is also responsible for receiving objections and appeals from persons who are dissatisfied with the assessment made by the Comptroller, Inland Revenue.

In particular St. Georges Building Society is not authorized to conduct financial business such as private equity financing and placements, financing corporate loans, gold bullion trading, company registrations, trust management and nominee services, company management and corporate director services.

Persons transacting any of these financial activities with this entity will be doing so at their own risk.

Please be guided accordingly.

The newly appointed Commissioners of the Tribunal are:

T

he Minister of Finance, Planning, Economy, Energy & Cooperatives, Permanent Secretary, Management and Staff extend condolences to the family and friends of all those who have lost their loved ones recently.

“Good men must die, but death cannot kill their names” God's Peace Be With Their Souls. “... the engine room of the Public Service...”

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MAREP RESULTS IMPACT MANAGEMENT SYSTEMS (RIMS) AND BASELINE SURVEY MAREP, in order to evaluate and improve the income of rural young unemployed or self-employed men, women and other vulnerable persons in 50 rural communities in Grenada and Carriacou, has commissioned the conduct of a RIMS Baseline Survey. This impact survey is necessary to measure throughout the duration of the project the progress, outputs, outcomes and impact of MAREP and to use this information to feed into the national policy framework on social and economic development as it relates to poverty reduction, rural development and contribute towards Grenada's achievement of the relevant Millennium Development Goals.

The Market Access and Rural Enterprise Development Programme (MAREP) has begun to administer the Social Capital Assessment Tool (SCAT) and the Empowerment Tool in its target communities; La Tante, Maran, Mt. Craven, Mt. Horne, Levera/La Fortune and Non Pariel.

The objective of the SCAT and Empowerment Tool is to assess social and economic conditions in the community, identify resources for development and develop appropriate interventions in response to improve the social and economic well being of residents, particularly unemployed and underemployed young 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.

Administering SCAT & Empowerment Tools at Maran Resource Centre

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 MAREPs progress and impact over the next five years.

The RIMS Baseline Survey targets at least nine hundred (900) households below the poverty line in fifty (50) rural communities in Grenada and Carriacou.

MAREP Launches its Social Capital and Empowerment Assessment of Community Based Organisations (CBOs)

Administering SCAT & Empowerment Tools at Maran Resource Centre

The Empowerment Tool assesses Community Based Organisations and groups' strengths and weaknesses in its levels of relations with the community, relations among members, registration, membership, financial management, democracy, leadership, direct implementation and strategic alliances.

To date, MAREP has administered the SCAT and Empowerment Tool in 4 target communities through Continues on pg. 17

room of the Public Co-ordinating Service...�

Finance Visit“... thetoengineProject Unit 16 Minister's INSIDE

Continued from pg. 16

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 provide relevant service to the community, identify resources that can be developed to improve the

Administering SCAT & Empowerment Tools at Mt. Horne Community Centre

livelihood of residents such as historical and cultural landmarks, beaches, springs and waterfalls.

MAREP's March for Better Parenting to Support Child Development The Grenada Market Access and Rural Enterprise Development Programme (MAREP) has launched its national advocacy campaign to highlight and facilitate awareness of issues pertinent to social and economic development.

and community based organizations, and cultural performers who displayed messages, distributed information and performed short plays, songs and other performances related to the theme of the march.

In this regard, MAREP has conducted street marches for “Better Parenting to Support Child Development,” in St. Mark, on Sunday April 22, 2012 and St. David on Sunday, May 20, 2012 .

Following the march, in St. David, participants were invited to view the newly established Information Communication Technology (ICT) Center in Marl 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 Community members participating in march

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ALL ABOUT THE REPLACEMENT HOSPITAL WITH TEACHING FACILITIES “Health, Wellness and Education Services” has been identified as one of the five transformational sectors of the Grenadian economy. In this context, the Government of Grenada (GoG) intends to establish a new public hospital to replace St. George's General Hospital (SGGH), which poses significant challenges with respect to its design, the quality of the infrastructure, access and service delivery.

To achieve this goal, the Government of Grenada has retained IFC (International Finance Corporation) to provide advice on the development and 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 University.

Objective The objective of new hospital PPP is to address the major challenges facing the delivery of healthcare services in Grenada—specifically: •

•

the inherent inefficiencies as a consequence of the current configuration and design of hospital services; and the inappropriate physical placement and deteriorating infrastructure of SGGH.

IFC's advisory mandate, the private operator is likely to be contracted to: •

•

•

design, build, finance, equip, manage the facilities (including the associated maintenance and non-clinical activities such as laundry, catering, security, landscaping etc.); operate and staff the clinical support services (laboratory, medical gases, and diagnostic imaging services); and manage the hospital's non-clinical administrative activities.

The GoG will likely maintain control over the 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 structure and delivery of services in the primary health system.

The following diagram illustrates the roles of the non-governmental (private) and public sectors under the proposed contract.

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.

PPP Project Scope 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

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General Hospital

WHAT'S BEEN HAPPENING NATIONAL OZONE UNIT (NOU) ESTABLISHES THREE (3) MORE RECOVERY AND RECYCLING CENTRES FOR REFRIGERATION AND AIRCONDITIONING (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 in Grenada, Carriacou and Petitie Martinique.

Myke Mitchell being authorised as a recycling agent

practices, particularly in the recovery and recycling of refrigerants.

Kennis Andrew being authorised as a recycling agent

During a ceremony held at the Spiceland Mall Car Park on Saturday January 28th, 2012, National Ozone Officer, Mr. Leslie Smith, presented the equipment to the owners of the three workshops where the equipment will be stationed.

The newly established centres are located in St. Andrew (Myke Mitchell's workshop), St. David (Melville Mitchell's workshop) and Carriacou (Kennis Andrew's workshop). This brings the number of centres now established in the State to twenty (20).

These centres will assist approximately 150 technicians in carrying out good refrigeration

Melville Mitchell being authorised as a recycling agent

Among the equipment presented to the centres are: Recovery Units, Electronic Refrigerant Scales, Electronic Leak Detectors, Electronic Refrigerant Identifiers, Infra-red Thermometers, Recovery/Refillable Cylinders, Vacuum Pumps, Micron Gauges and Hose and Gauge sets. The equipment was supplied by the Grenada Refrigration Air-conditioning and Ventilating Association (GRAVA). Funding for the equipment was provided by the Multi-lateral Fund for the implementation of the Montreal Protocol which is Continues on pg. 20

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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 also encouraged the technicians to take absolute good care of the equipment to ensure that as many technicians as possible can benefit from their use.

The establishment of the centres is intended to assist 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.

Practical demonstration at launch

Electrical (a local company) to launch the entire line of Hydrocarbon refrigerants under the brand name, Duracool®, for distribution throughout the subregion. The launch ceremony was held at the Spiceland Mall Car Park in Morne Rouge, St. George's, on Saturday, January 28th, 2012.

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.

Practical demonstration at launch

Present at the ceremony were the President of GRAVA, Mr. Michael Mitchell, and executive members of the association; President of the Barbados Refrigeration and Air-conditioning Association, Mr. Grantley Parris, together with the Secretary and Treasurer of the Association; and local technicians and suppliers of refrigeration and air-conditioning equipment.

Hydrocarbon refrigerants have been identified as non-ozone depleting and non-global warming and more energy efficient as compared to other Hydrochlorofluorocarbons (HCFC) and hydrofluorocarbon (HFC) refrigerants currently used world-wide. This public private partnership is consistent with Grenada's commitment to reduce carbon emissions.

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

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

The National Ozone Unit of the Energy Division (NOU) of the Ministry of Finance joined with SNJ

The National Ozone Unit attributes the increasing use of hydrocarbon refrigerants in Grenada to the several training courses that it has organized in the Continues on pg. 21

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last five years for refrigeration and air-conditioning technicians. SNJ Electrical has participated in many of these training programmes and its General Manager is currently the Treasurer of the Grenada Refrigeration, Air-Conditioning and Ventilating Association (GRAVA).

At the launch SNJ Electrical made several audio-visual presentations to outline the properties, advantages, usage and applications of the Duracool ® products.

The event ended with a Mobile Air Conditioning (MAC) retrofit demonstration that would include the conversion of cars, sport utility vehicles (SUV's) and buses from R-134a refrigerant to hydrocarbon refrigerants.

CENSUS DATA ANALYSIS AND INTERPRETATION WORKSHOP FOR GRENADA The Central Statistical Office (CSO) of the Ministry of Finance hosted a Workshop on Census Data Analysis and Interpretation from Monday 13th to Friday 24th February 2012 at the Grenada National Stadium.

compile, clean, analyse and disseminate census data.

Ultimately, skills acquired through the training are intended to lead to improved evidence-based decision-making and enhanced policy-making and planning capability at the national level.

PROJECT WRITING WORKSHOP FOR GOVERNMENT OFFICERS The Division of Economic and Technical Cooperation in collaboration with the European Development Fund Support Services Unit (EDF/SSU) of the Ministry of Finance hosted a Project Writing Workshop from March 19 – 30, 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 bank of fully developed project proposals for submission to regional and international donor agencies and friendly Governments.

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.

Participants at workshop

Recognising the importance of strengthening the Country's data sources and its capacity to undertake empirical research through the Population and Housing Census specifically, the Caribbean Development Bank (CDB) is supporting the Government of Grenada in hosting this two-week training workshop in Census Data Analysis and Interpretation.

This workshop was aimed at strengthening the analytical skills of the staff in the CSO and other technicians in line Ministries enabling them to

GRENADA HOLDS NATIONAL STRATEGY FOR THE DEVELOPMENT OF STATISTICS CONSULTATION The Ministry of Finance, Planning, Economy, Cooperatives and Energy is currently preparing to design a National Strategy for the Development of Statistics (NSDS) in Grenada. An NSDS will enable Grenada to build a reliable statistical system that produces the data necessary to design, implement, and monitor national development policies and programmes. It will also help Grenada to meet regional and international commitments with respect to statistics.

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Head table at opening of workshop

As a first stage in the Development of the NSDS, a national consultation was held on Tuesday April th 24 , 2012 at the Grenada Trade Centre Annex.

Participants at workshop

This consultation brought key stakeholders together to assess the National Statistical System by identifying

the strengths, weaknesses, opportunities and threats that currently exists, and through this, produce a road map which will see Grenada having a highly improved statistical system that produces good statistics that is 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; • Coordination of the NSSChallenges and Opportunities; • Reform and Restructuring for an Effective NSS by revising of 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. · Ms. Anna Sarotte, Programme Coordinator, Advocacy, Latin America & the Caribbean, PARIS21, BoulogneBillancourt, France; and Continues on pg 23

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·

Mr. Halim Brizan and team from the Central Statistical Office

tunities; and engage in cultural exchanges with the European Union.

Under the EPA, these opportunities are paired with legislative and r e g u l a t o r y c o m m i tments.

The CARICOM Secretariat and the Partnership in Statistics for Development in the 21st Century (PARIS21) is providing technical support to Grenada in this process.

GRENADA NATIONAL ECONOMIC PARTNERSHIP AGREEMENT (EPA) IMPLEMENTATION UNIT UNDERTAKES EPA LEGISLATIVE INTERVENTIONS The Grenada National Economic Partnership Agreement Implementation Unit (NEPAIU), within the Ministry of Finance, continues to implement its work programme. In this regard, NEPAIU has partnered with Greene and Greene in ensuring that Grenada implements an adequate legislative and regulatory framework, congruent with EPA provisions.

The three-person legal team of Greene and Greene (from Anguilla) conducted its inception mission April 16-20, 2012, consulting over 15 local EPA stakeholders.

Expressions of commitment to the EPA implementation process were echoed by various stakeholder groups and key areas of legislative interventions were also identified. Stakeholders noted the timeliness of the consultancy and were pleased that assistance was being provided to Ms. Nicole Garraway, ensure that Grenada is Senior EPA Implementation Officer effectively positioned to compete in the international market.

Mr. Desmond John, National EPA Implementation Coordinator

As a unique trade and development Agreement, the CARIFORUM-EU EPA provides Grenada with an inimitable platform to: trade goods, supply of services; undertake investment and e-commerce oppor-

The consultants of Greene and Greene offer Mrs. Dawn Walker, Technical/ Administrative Support Officer over 20 years of legal experience in areas of international trade, legislative review and legislative drafting. NEPAIU expressed its gratitude to all stakeholders who accommodated the team of Greene and Greene and further reiterates the importance of stakeholder involvement in the EPA implementation process. NEPAIU looks forward to your continued cooperation as we ensure that Grenada breaks barriers, creates opportunities and enhances trade.

EPA UNIT HOLDS ROUND TABLE DISCUSSION ON THE BENEFITS OF THE PROGRAMME TO GRENADA AND THE OECS The National Economic Partnership Agreement Implementation Unit (NEPAIU) within the Ministry of Finance in collaboration with the OECS Secretariat hosted a Round Table Discussion on the EPA on Thursday May 17th, 2012 at the Red Cross Conference Room, Upper Lucas Street, St. George's.

The Discussion sought to increase awareness of the general public on Grenada's obligations under the Agreement; its impact on trade; and the benefits to Grenada and other OECS Member States.

The theme of the Discussion was: “Can Grenada and other OECS States derive significant benefits from the CARIFORUM-EU EPA?” The presenters were Dr. Nigel Gravesande, Registrar, TAMCC; Mr. Damien Greaves, Arts and Science Department, SGU; and Ms. Annette Henry, Registrar Corporate and Intellectual Office, Ministry of Legal Affairs.

The CARIFORUM-EC EPA creates an opportunity for CARIFORUM States to strengthen Continues on pg 24

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This Conference was co-hosted by the Government of Barbados and the United Nations Development Programme (UNDP).

(Picture source: sidsenergyforall.org)

regional cooperation and increase their trade capacity.

In addition to this, the agreement further promotes economic cooperation, increased European market access, stronger EU relations, the elimination of poverty, good governance and the facilitation of sustainable growth and development. These opportunities have been extended to each CARIFORUM State which has signed unto the agreement.

The implementation of the EPA can play an important 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) Ministry of Finance, Planning, Economy, Energy & Cooperatives VAT Building Corner, Scott & Young Streets St. George's Grenada (473) 435-9251 (Telephone) (473) 435-9252 (Facsimile) EPAGrenada@gov.gd (E-Mail) MINISTER BURKE HEADS LOCAL TEAM TO HIGH LEVEL CONFERENCE ON SUSTAINABLE ENERGY IN BARBADOS Minister for Finance, Planning, Economy, Energy and Cooperatives, Hon. V. Nazim Burke and a team

Minister Burke and other leaders at Sustainable Energy Conference.

Picture source: sidsenergyforall.org

of Senior Government Officials, attended a High Level Conference of Small Island Developing States (SIDS) on Achieving Sustainable Energy For All, in Barbados.

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Minister Burke, Lead Discussant in day two session

Minister Burke was a lead Discussant for the session on Enabling Environment and Financing Sustainable Energy for All SIDS, on Tuesday 8th May 2012.

Dr. Hugh Sealy, Adviser to Government on Energy and Sustainable Development, was the Moderator for the session on Doubling the Rate of Improvement in Energy Efficiency in SIDS by 2030 on Monday, 7th May 2012.

The United Nations General Assembly has Dr. Hugh Sealy declared 2012 the “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.

As a means of moving forward this Agenda, the Barbados Conference will seek to:

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Continued from pg 24

• Establish awareness and understanding of SIDS conditions and perspectives on sustainable energy for all (SEFA); • Articulate SIDS commitment to support SEFA and convey SIDS support of SEFA as a core element of the three pillars of sustainable development (Social, Economic, and Environmental); • Build awareness in governments and their institutions for the formulation of required policies and their enforcement in order to regulate the market and to attract investments into affordable and sustainable energy services; and • Foster recognition by governments and their institutions of the importance of identifying potential areas for doubling energy efficiencies, as well as development of alternative energy sources.

The conference also provided an opportunity to discuss support to the SEFA targets and commitments as one outcome of Rio+20, and contribute to the discussion on the potential establishment of sustainable development goals (SDGs) and related global monitoring mechanisms.

According to Conference organisers, the outcome of the Conference was “a Declaration which describes the realities and opportunities of SEFA from the SIDS perspective.” This declaration also provides a “clear statement of the unique circumstances, vulnerabilities and needs of SIDS, and articulate SIDS support and commitments towards the three SEFA objectives, in the lead up to and at the Rio+20 conference…….”

The conference also increased the awareness on SIDS approaches to sustainable energy access and its impacts on people's lives. It provided a networking opportunity to share successful experiences and exchange information on sustainable energy initiatives between regions (Caribbean, Pacific, and AIMS region), countries, private sector, and civil society.

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

Grenada's legal and regulatory framework for the exchange of information for tax purposes was assessed by the Global Forum Peer Review Group as being sufficiently compliant with the Organisation for Economic Co-operation Mr. Niguel Streete, and Development Deputy Executive Director, GARFIN (OECD's) standard to allow Grenada to graduate to phase two (2) of the review process.

In an effort to enhance tax transparency and reduce harmful tax competition among jurisdictions, the international community, through the OECD, has launched an initiative to facilitate the exchange of information for tax purposes between contracting parties. The operational arm of the OECD for this initiative, the Global Forum, required jurisdictions to sign at least 12 tax information exchange agreements (TIEAs), at the OECD standard, with their significant trading partners to avoid being placed on a sanctions list. Grenada has successfully achieved this compliance standard with the signing of 27 relevant agreements, 14 of which are at the OECD standard.

Signing 12 TIEAs was only the first step in the process. The Global Forum then facilitated an assessment of Grenada's legal and regulatory infrastructure to facilitate the exchange of information with contracting parties. This review was conducted during October and November 2011 by assessors from the Global Forum and Grenada's peer jurisdictions of Spain and Guernsey. The assessment team found that Grenada was fully or largely compliant with eight of the ten assessment criteria, one criterion was not applicable and the other was not compliant. The not compliant criterion was influenced by the fact that the legislation does not specifically require all offshore companies to retain reliable underlying accounting documents (vouchers) 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 Continues on pg 26

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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 transparency compliance.

Grenada now looks forward to its phase two (2) 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.

Tax Officer advising tax payer

The Booth provided an opportunity for workers and persons doing business at the Ministerial Complex to inquire about tax balances, set up payment plans, make payment on outstanding

ONE-DAY TAX BOOTH AT MINISTERIAL COMPLEX In an effort to increase taxpayer awareness and accessibility to information on Property Tax, and taxes in general, the Inland Revenue Division (IRD) of Tax Officer advising tax payer

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

Tax Officer advising tax payer

the Ministry OF Finance conducted a “Property Tax Information Booth” at the Ministerial Complex, Botanical Gardens, and St. George's on Friday June 1st 2012.

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Tax Officer advising tax payer

Tax Officers were on hand to address queries or concerns on a tax matters. From all reports the initiative was a success.

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• No New Taxes • No Cuts in Social Programmes or Safety Nets • 5% Cut in Ministers' Salaries • Over 950 jobs through the Implementation 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.

Ministry of Finance, Planning, Economy, Energy & Co-operatives Financial Complex, Carenage, St. George’s.

Tel.: 440-2731-34, 435-0057; Fax: 440-4115; Website: www.gov.gd; Email: financegrenada@gmail.com Contact: Petra Charles-Joseph, Editor-in-Chief, 440-2731, ext.: 1108/435-0057 Designed and printed by Government Printery