The Grenada government says the increase in taxes under the three-year “home grown” structural adjustment programme, has resulted in a “reasonable” increase in revenue collection.
Prime Minister Dr. Keith Mitchell, who administration is awaiting word from the International Monetary Fund (IMF) this week on whether it will provide financial support to the island, said that the taxes have seen a reasonable increase in revenue collection.
He said as a result, the EC$18 million monthly operating deficit has been cut by almost half and that “the signs are looking optimistic. The gap is being closed.
“It was EC$18 million, it is now down to EC$10 million; so almost half the gap has been closed,” Mitchell said, noting however that some of the taxes have not yet been implemented and will become effective from 2015.
