Billion-dollar budget increased

Grenada’s 2015 billion-dollar budget has been increased by $1M.

The Lower House of Parliament approved a motion brought by Prime Minister and Minister of Finance, Dr. Keith Mitchell to pump a further $1M into the needy assistance program.

In delivering the 2015 Estimates of Revenue and Expenditure 2 weeks ago, Dr. Mitchell in his capacity as Minister of Finance, announced that the program has been increased from $500,000 to $1M.

However, in wrapping up the debate of the budget, Dr. Mitchell requested that the previous figure be increased by a further $1M.

This now brings the budget to $1, 153,234,237 for the fiscal year January 1, 2015 to December 31,  2016.

Parliament also approved a number of money Bills at its recent siting.
The Members of Parliament also passed a Bill which gives the Minister of Finance permission through the authorisation to borrow not exceeding $60M through a fluctuating over draft with the local banks to meet Current Expenditure requirements for the period January 18, 2015 to January 17, 2016.

Dr. Mitchell announced that the over draft facility of his cash-strapped government is now handled by the Grenada Co-operative Bank Limited.

Parliament also approved the Supplementary Appropriation Number 3, Act 2014 to appropriate an additional sum of $21,483,346.22 to the service of the State of Grenada for the period July 1 to September 30,

Dr. Mitchell told the house that just over $6M from that sum of money was used to pay retroactive payment to public servants.

The Lower House of Parliament also gave approval for the Minister of Finance to borrow from various sources EC $140M through the 2015 Budget Loan Authorisation Act 2014.

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