Grenada faces major budget cuts

Grenada faces major budget cuts
Grenada faces major budget cuts

Grenada is preparing for significant expenditure cuts in the budget for the next year.

According to the reports, town hall meeting late Wednesday, the information was given to the finance committee that there will be cuts in the budget of several government ministries because of a loss in revenue due to COVID.

Prime Minister Dr Keith Mitchell said that for the first time in six years, Grenada is facing a severe problem while raising revenue. Grenada is going through a tough time with the COVID-19 pandemic, and that it is a tough time.

The 2021 annual estimate of Revenue and Expenditure would be the first to be presented by Gregory Bowen.

Bowen became the Finance Minister of Grenada after a cabinet reshuffle in September, which became effective in October.

No date is announced for its presentation so far, but traditional the presentation is given on the last Friday of November.

Dr Mitchell said during the meeting that the Minister of Finance said that that the budget needs some expenditures cuts because the revenue generated by the country has dropped.

The Finance Committee is a Parliamentary Committee in the Lower House or House of Representatives which gives formal input in finalising the annual budget of the country.

The Minister for Finance chairs the finance committee, and the members are the elected members in Lower House of Parliament.