by Linda Straker
- Total grants received for January to May 2024 was EC$9.2 million
- Fiscal report for May shows revenue for January to May 2024 was EC$612.4 million
- Increase in earnings from Investment Migration Agency backlog of applications processed in first quarter of 2024
During the first 5 months of 2024, Grenada received approximately one third of the grant projected by the Ministry of Finance, but with the passage of Hurricane Beryl on 1 July, it is expected that grants will increase significantly through hurricane-related financial assistance.
The total grants received for the period January to May 2024 was EC$9.2 million. The target was EC$35.4 million according to the May 2024 fiscal report, which was recently released on the Ministry of Finance website.
As of 17 July, or 16 days after the passage of the hurricane which devastated the northern part of the country, regional and international governments and institutions have donated millions as the central government establishes its priorities for rebuilding Carriacou, Petite Martinique and St Patrick — the worst affected areas.
As announced by Finance Minister Dennis Cornwall, the governments of Anguilla, Cayman Islands, Belize, and the United Kingdom are among the regional and international governments donating cash. Some of the institutions are USAID, the Caribbean Development Bank, the Eastern Caribbean Central Bank, the Development Bank of Latin America and the Caribbean (CAF), and the European Commission. Collectively, the donations from these entities total over EC$10 million.
The fiscal report for May shows that Government revenue for the period January to May 2024 was EC$612.4 million, which is EC$61 million more than the targeted EC$551.4 million. The Citizenship by Investment (CBI) programme earned the most revenue for the period in the amount of EC$207.2 million. Second in line was the Inland Revenue Department with EC$205.9; in third position was Customs and Excise with EC$185 million.
The increase in earnings from the CBI Unit, which is now rebranded as the Investment Migration Agency (IMA), is due to the backlog of applications processed in the first quarter of the year. Government projected that the revenue would reach EC$156.6 million, but it surpassed it by EC$50.6 million.
“The clearing of the large backlog of CBI applications from the recent surge is projected to result in a large 2024 budget surplus of 9.5% of GDP and further accumulation of government deposits,” said a recent statement from the Fiscal Resilience Oversight Committee (FROC).
The fiscal report also shows that total expenditures for the period under review were EC$451.5 million, a reduction from the projected amount of EC$539.9 million. Recurrent expenditures were EC$360.1 million, interest payments were EC$22.6 million, and Capital expenditures were EC$91.4 million. The primary balance for the period was EC$192.7, while the overall balance was EC$170.1 million.
