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Page 14 Saturday 8th July 1989 The Grenada Nevsletter
More Grenadiam Graduate to the School.
From Medical School
Two Vincentians graduated in the current
Five Grenadian scholarship students were class, bringing the total number of Vincent-
among the 87 graduates of the St Georges ian graduates to 14.
University School of Medicine which held its
graduation ceremony on June 29th at the The representation of East Caribbean grad-
United Nations building in New York. uates at the ceremony was augmented by a
student from St Lucia.
The School, which has its main campus in
Grenada, and which was founded in 1977, Since it was founded, the School has grad-
offers five tuition-free scholarships .to uated 1,529 physicians who hold licences in
Grenadians annually. To date, 28 Grenad- 45 of the United States of America.
ians have graduated.
aAmong the speakers at the graduation
The School also offers four tuition-free ceremony was Dr Lamuel Stanislaus, Gre-
scholarships to natives of St Vincent where nada's Ambassador to the United Nations.
the Kingstown Medical College is affiliated
JAMES From Page 13
This has had dramatic beneficial effects on being affected by the price cutting, but he
Grenada's Nutmeg Industry but, last April, saw the clear need for a meeting with
ASPIN began to cut prices. ASPIN.
Interviewed then, Mr James told "We are not worried about this situation"
NEWSLETTER that GCNA was in touch James said then in the interview, "we will
with ASPIN and knew the Indonesians had an not lower our prices or take any action
"internal problem". Because GCNA was until we sit around a table with Indonesia".
almost completely sold out on long term
contracts, he said, the Association was not -' = -mu
Aister Hughes Cynthia Hughes
8th July 1989
Printed & Publahed By The Proprietors
Aister & Cynthia Hughes, Jounalists
Of Scott Street, St Georges,Grenada, Westidies
(P.O.Box 65: Phone j809] 440 2538: Cables HUSON, Grenada)
Page 12 Saturday 8th July 1989 The Grenada Newsletter
OF ECCB _
irseda's savings went overseas while the
Governnwnt was seuarchin for Junnds
D R DAVISON BUDHOO, 52,
Grenada born former Senior Econ-
omist with the International Monet-
ary Fund (IMF), expressed strong adverse
views at a press conference here on June
28th, with reference to IMF recommen-
dations concerning the Banking Sector in
Grenada under a 1988-90 Structural Adjust-
ations are that Gov-
ernment reduce its
indebtedness to local
and review its inter-
est rate policy to
facilitate growth of
bank credit to the
Private Sector and
determine the need
for the present inter-
est rate ceiling.
'"I disagree vith
this", Dr Budhoo
said, "because in any
of the economy, the
Banking Sector mi
reorganised a-Ad a C
st be fundamentally
central Bank establish-
Grenada is a member of the East
Caribbean Central Bank (ECCB) and
Dr Budhoo said he advocates, "very
explicitly', that Grenada get out of
that Bank and establish its own
What obtains in Grenada at present, he said,
is the "Gold Exchange Standard of the 19th
Century" where the money supply in the i
island is backed 100% by foreign exchange.
This means, he said, that the economy is
dependent entirely on economic aid and/or
foreign exchange earnings for exports,
Being Accumulated Abroad
A large percentage of domestic s ang
generated m Grena-
da, he said, is being
| H Banks in the island
do not find a large
r enough number of
Slogans which they care
to.s take up, he said,
and the surplus do-
mestic savings they
hold are deposited
S4Wii7 TA ECCB.
770j "The ECCB, given
its automatic policy
of o 00% cover of its
money supply", Dr
n Bwudho Budhoo said, "depos-
it these savings over-
seas so that, between 1984 and 1987, EC$50
million of Grenada's savings vent overseas
while the Government was searching for
funds and the Private Sector found diff-
iculty in finding funds for profitable invest-
Dr Budhoo said he was Grenada's
representative at the negotiations with the
other Governments of the Organisation of
East Caribbean States (OECS) when the
Central Bank was formed.
Please See BANK Pase 13
The Grenada Newsletter Saturday 8th July 1989 Page 13
JAMES FOR TALKS IN INDONESIA
I i from the Grenada Co-operative
SNutmeg Association (GCNA)
leaves Grenada on July 8th for Indonesia
for discussions with the Indonesian Nutmeg
Association (ASP IN).
This vas disclosed to NEWSLETTER by
CREDIT UNIONS From Page 11
language through the Credit Union
Movement", he said.
Present at the press conference was Mr
Percival Burke, Credit Union Develop-
ment Officer attached to the GCUL, and
he said that the CCCU (the Triple C -U)
was established in 1972.
The Confederation, he said, has affiliates
in all countries of the Caribbean Cormn-
unity (CARICOM) plus Bermuda and
Surinam, and the current President is
Mr Everd Dean of Trinidad & Tobago.
There Is Doubt
At the present time, plans are to hold the
Convention at the Ramada Renaissance
Hotel, he said, but other plans are being
considered as there is doubt as to whet-
her that hotel's conference room is large
enough to hold the foreign delegates and
Grenadian credit union members.
The Credit Union Movement was launch-
ed in Grenada in 1946 and there are now
20 active Credit Unions in the State vith
a total membership of over Q0,000, Ihe
Total savings of these Credit Unions
amount to EC$12.4 million and, adding
interest earned to this, loans made to
members stand at the sum of EC$ 13.9
Mr Burke said the agenda for the
Convention has not yet been fixed but
the theme is, "Co-operatives: The Econ-
omy's Third Sector". Choice of this
theme, he said, is to highlight the
important role Credit Unions playalong-
side the Public ard. Private Sectors.
Is~i~~----m- d I~
Mr Norris James, GCNA Chairman, in an
interview on July 7th, and he said the dis-
cussions will centre on problems relative to
the Marketing Co-operation Agreement
which GCNA has with ASPIN.
"We will review the Agreement with a view
to improving it and preventing a recurrence
of the problems we had some months ago",
Grenada and. Indonesia, in a ratio of.25% to
75% respectively, supply the entire nutmeg
needs of the world -and, in March 1987, the
Agreement was signed fixing miimumr
prices for all grades of nutmeg.
Please See JAMES Page 14
BANK From Page 12
The Grenada delegation tried to convince
the other Governments of the need to
make ECCB an instrument+ for economic
development, h said, but, while "some
very important cosmetic c-anges" were
made, there was less success m putting the
mechanics for this into place.
In The Medium Term
Different Governments hav different.
perceptions of how they want their econ-
omrny to develop he said. The Grenadian
economy is .more diversified than any
otl-er OECS country and, and with a Cen-
tral Bank of its on and good economic
management, the island can be imminent-
ly viable in the medium term.
Dr Budhoo was attached to the IMF from
1975 to 1988 but left the institution be-
cause of what he perceived as the IMF's
fraudulent dealings with Trinidad &
Tobago and because be was dissatisfied,
generally, with the IMF's approach in
dealing with Third Word countries.
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