06 February 2015 -- Grenada has received EC19.8 million (€5.93M) from the European Union under the 10th European Development Fund multi-sector general budget support programme, which has been paid directly to the state treasury.
The overall objective of the multi-sector general budget support programme is to assist Grenada In maintaining a stable macro-economic framework, implementation of public finance management reform and budgetary transparency.
In general the EU funding will help the country transition towards a new economy that will comprise a world class tourism, yachting and marina destination. This will be complemented by efficient business, finance and information technology services, an efficient light manufacturing sector, a well-diversified agriculture sector focused on value added products, a dynamic oil, gas and renewable energy sector and a highly efficient agro-industrial sector.
Head of the EU Delegation to Barbados and the Eastern Caribbean, Ambassador Mikael Barfod said: “It is important that the government continues to implement measures to maintain the stability of the economy and improve its budgetary transparency, while keeping focus on the drivers of growth”.
The emphasis on promoting growth in Grenada focuses on building resilience by stabilizing the macro-economy, enabling the business environment, leveraging growth sectors and developing sustainable energy. In addition attention will be placed on building competitivenenss which includes education, human resource development, social transformation and social care, youth development and gender equity.
Release of the EU financing was subject to Grenada meeting certain conditions that include progress in implementing the 2014-2018 Grenada Poverty Reduction Strategy with special attention to education, social development, youth empowerment and agriculture areas.
Moreover an effort will be made to reduce social vulnerability by placing priority on rural, community and parish development; improving human settlement and environment and natural resource management.
The strengthening of governance and security will also be pivotal and this will stress institutional and legal reform. The development of a pubic sector investment programme is expected to provide planning, monitoring, evaluation and investment emphasis to the national development strategy.
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