ST.GEORGE'S Grenada, Wednesday 25th May 2011 - US Based Financial firm Standards and Poor met with members of her Majesty’s Opposition on the present Grenadian economic situation. Ratings sovereign analysts Mr. Richard Francis and Ms. Olga Kalinina met with Former Prime Minister and Opposition Leader, Dr. the Rt. Honourable Keith Mitchell and former Deputy Prime Minister Senator the Honourable Gregory Bowen on Tuesday. The purpose of their visit to Grenada was to engage representatives from government, opposition, banking and business sectors and the political leadership to better inform the country analysis and subsequent rating. In particular the team inquired of the Opposition how they would handle Grenada’s present economic crisis and what the Opposition sees as the reasons for Grenada being worse off than other territories with similar economies.
Dr. Mitchell explained that Grenada’s present economic crisis is as a result of the wayward policies and eccentric behavior patterns of the NDC Administration on coming into office. He further explained that in a small society such as Grenada the victimization of one person will have an effect on an entire community. He also accused the NDC Administration of killing Grenadians hope and entrepreneurial spirit while demoralizing the entire population. He explained that many projects for which funding was secured or which were organized under his administration were dismantled by the present administration. He used the examples of the Lewis Hamilton/Grand Beach Project, the CCC Farm Roads Rehabilitation Project, the Grenville Market Square Project and the National Athletic Stadium Project.
Dr. Mitchell and Senator Bowen also made mention of the fact that potential investors, some already doing projects in the island, were labeled as corrupt by the NDC Government and generally treated badly. He referred to the treatment of Lewis Hamilton as well as the developers of the multi million dollar Port Louis Project and the Calivigy Island Project. In response to the question of whether investors may have pulled out of Grenada due to lack of funding on their part, the opposition stated that this was not the case as some of these investors have subsequently undertaken projects in other territories.
The Former Prime Minister also indicated that the statements made by him in his last three budget speeches have all been proven true but still the Government has not heeded his advice. The visiting team mentioned the many allegations of corruption made to them by the NDC when they were in opposition and enquired what action they had taken and in particular to avoid similar accusations being leveled against them and was surprised to note that their many forensic audits brought out nothing and worse yet, government has steadfastly refused to implement the anti corruption legislation passed by the NNP Administration. This includes the constant refusal of members of the Administration to declare their assets.
Discussions on the International Monetary Fund Program (PRGF) saw the opposition agreeing with the program in principle but not the timing of some aspects supported by the IMF such as the implementation of the Value Added Tax (VAT). The eight million dollar increase in the Public Wage Bill as well as government’s intention to borrow over one hundred million US dollars from China for the building of a hotel, both criticized by the IMF, were also seen as major issues affecting the local economy.
Web Version: http://www.nnpnews.com/2011/may11/standard-and-poor-25-05-11.htm
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