Home' Trinidad and Tobago Guardian : April 30th 2013 Contents A27
Tuesday, April 30, 2013 www.guardian.co.tt Guardian
Ministry of Finance and the Economy
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WASHINGTON DC---The World
Bank says Grenada has advanced
towards fiscal governance and
investment promotion and that
it is also seeking to modernise
several areas of its operations as
part of a project to enhance fiscal
governance and promote invest-
The Washington-based financial
institution said the new Keith
Mitchell administration developed
capacity in the conformity assess-
ment for exported goods, noting
that customs procedures have
became automated and cargo clear-
ance time has "significantly
reduced from days to hours".
The bank said conformity cer-
tificates are now being issued for
Grenadian export goods.
It noted that, by 2008, Grenada s
growth was being challenged by
the disastrous impact of two hur-
ricanes, 2004-2005, which
destroyed much infrastructure and
devastated agricultural exporters,
and a reduced flow of international
credits under the onslaught of the
global financial crisis.
The World Bank said Grenada
urgently needed to create the con-
ditions to ensure the recovery of
the domestic private sector, sustain
economic growth, and support the
generation of fiscal revenues to
finance Government programs and
control the level of public debt.
To that end, it said Grenada
needed a strategy to promote
investments, develop effective sys-
tems, and speed up the processing
of investment proposals.
It said Grenada also needed the
equipment and skills to conduct
product conformity assessments
The World Bank said the project
supported development along two
distinct avenues: strengthening the
revenue capacity of Government
institutions and) improving the
environment for private sector
investments and trade.
It said the key recipients of sup-
port were the Customs Depart-
ment, the Inland Revenue Depart-
ment, the Grenada Investment
Development Corporation, and the
Bureau of Standards.
After the implementation of the
Automated System for Customs
the World Bank said the online
management of customs proce-
dures "significantly improved con-
ditions for cross-border trade".
It said that within weeks after
it became operational, the system
helped to reduce the rate of physical
inspections of commercial cargo
from 60 per cent to 18 per cent,
adding that cargo clearance times
declined from four days in early
2011 to less than a day-and-a-half
in June 2012.
It also noted that the Inland Rev-
enue Department has introduced
an automated audit module in their
information system that, following
the data cleanup, helps target non-
payers of taxes more efficiently.
The Bureau of Standards also
created capacity for conformity
assessment, with plans to expand
its services to domestic traders.
"Newly acquired measurement
equipment and technical skills,
developed through training, enabled
Grenada to issue quality conformity
certificates to both exported pro-
duce and internally traded local
produce and goods," the World
It said that it provided credit to
the tune of US$1.9 million to the
project, with the European Union
strongly supporting it with 0.5 mil-
lion grant-based co-financing and
ongoing support of developments
in the information management
area after the project s closure.
World Bank praises
Grenada's fiscal governance
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