Dennis Cornwall presents the Grenada Budget Statement 2024

Dennis Cornwall, Minister of finance has presented the Grenada Budget Statement 2024 on Monday, 4th December 2023

Dennis Cornwall presents the Budget Statement 2024
Dennis Cornwall presents the Budget Statement 2024

Dennis Cornwall, Minister of finance has presented the Grenada Budget Statement 2024 on Monday, 4th December 2023.

Dennis Cornwall’s budget presentation served as a resounding testament to Government’s unwavering dedication to progress and development.

The highlights of Dennis Cornwall’s budget presentation are as follows:

Overall Budget Summary:

Recurrent Revenue: EC $1.2 Billion

Total grants: EC $104.6 Million

Recurrent Expenditure: EC $901.4 Million

Capital expenditure: EC $419.5 Million

Current account Surplus: EC $315.4 Million

Principal Repayment (Amortisation): EC $335.5Million

Primary surplus (After grants): EC$ 57.2 million

Overall surplus (After grants): EC $0.6 million

Minimum wage:

Effective from January 1, 2024, a new minimum wage is taking a significant step towards a fair and just economic system.

The government has taken the lead by adjusting the new minimum wages for several categories of workers, including security officers and cleaners.

Seed Programme

  • Allocation of $21 million for the seed programme in 2024
  • Permanent increase of $200 per month to take effect from January 2024

Approval for seed beneficiary requirements:

  • Are 65 years and older.
  • Have physical disabilities.
  • Are differently abled.
  • Have mental illness.

The finance minister says that “In a brief span of 1 ½ years, Grenada has accomplished remarkable milestones, demonstrating the effectiveness of our strategic initiatives. This budget is not just a financial plan; it is a blueprint for the future, outlining our commitment to the continued development of our people and the advancement of our beloved nation.”

“I am pleased to report that we have made remarkable progress thus far. I will go further by making the bold pronouncement that what we have accomplished in many instances in just 1 and a half years, the prior administration could not accomplish in two decades.” Says minister of finance, Dennis Cornwall.

A press conference is going to take place on Wednesday December 6th, 2023 at 10:00 a.m. with Dennis Cornwall, Minister for Finance and Claudette Joseph, Attorney General and Minister for Legal Affairs and Consumer Affairs.

The agenda will delve into crucial matters, including the ex-gratia payment of 25% of monthly salary for all government employees in 2023, the introduction of a performance-based appraisal system in 2025, shaping the future of bonus or honorarium payments, and the implementation of the New Minimum Wage Order starting January 1, 2024.