' The Grenada
Votaw 21 Satuoay 27h N er 1993 INumber 18
kPersmonalt G corporate
R ER ,SN,, i FcOTc tax Gre to be
l d corporate introduced t as Part Of
Income tax are to be Tnadft'S 19
P intmrduced as part of Nationa flutdqe t-
Grenada's 1994 National Budget due to
Parliament before the end of this year.
This vas disclosed on October 23rd by
Govemor-General Sir Reginald Palrmr as
he delivered the traditional "Throne Speech",
the declaration by the Government vhich
indicates policies influencing the structure
of the upcoming Budget.
"The goal is a fair, equitable and
efficient system of income taU," Sir
Among several other taxes, personal arnd
corporate income tax erte abolished in
1986 by the Government of the then
Prime Minister Herbert Blaize. These
taxes vere replaced by a Value Added
Tax (VAT), described then as a "broad-
based consumption duty", a Land. Value
Tax, a Petrol Tax and a Company or
Is To Be Abolished
Regulations governing VAT and the
Business Levy have gone through many
amendments over the last seven years,
and the Governor-General announced
that the Levy is to be abolished while
VAT is to be converted into a "broad
based consumption tax."
e b presefited to
Also to be abol-
ished is the controversial \ Y -
Debt Service Levy. This
Levy, a form of
incoe t, a SIR REGINALD PALMER
income tax, Vas
introduced in the 1991 Budget by the then
Minister of Finance, Mr George Brizan,
thereby breaking an election promise of his
party, the Natiojal Democratic Congress,
Please ee SPEECH Pag 2
IN THIlS ISSUE
Governor General Reads .....-..... 1
#ECCB Paints Gloomy Grenada.... 3
OThree Bidders In Run For............ 5
*Court Rules Banana Protocol-. 6
*ECCB Reports On Area's........... 7
*Geoffrey Bourne Cmplex.......... 8
*Hoteliers In Drive For Nv......... 9
*News Shorts-..-....-........ ......... 11
The Grenada Nevsletter Saturda
Association (GHA) is making
efforts to sensitize Gre-
nadians to the "de-
plorable state that exists in our,
(General) Hospitl. tday."
Making this statement as he
addressed the GHA Annual
General Meeting on Novem-
ber 23rd, out-going President,
Mr Gus Cruicksharnk said the
blame is not to be laid on the fR- GUS CR
COMPLEX Frm Page 8
The second phase vill add, as the need
requires, dormitory facilities for an
additional 200 students and for faculty.
Plans include also a Student Centre
and Maintenance Building. i.
Dr Geoffrey Bourne, to whose ..
memory the Complex has been -
dedicated, came to the Vice-/
Chancellorship of the Unversity .
in 1977 vitha distinguished career :..
to his credit and nurtured theni
organisation through its controversial
fledgling years until his death in
iA Fellow of both the .Royal
Society of Medicine and the-
American Society of Geron- DR. CHAI
tology, Dr Bourne's record includes service
as Demonstrator in Physiology at Oxford
University Professor and Chairman of
Anatomy at Emory University Medical
School in Atlanta, Georgia, Professor of
Histology at the University of London and
Chairman of the PanMalayan Nutition
Chlima of the Pan Malayan N .umtrtin
y 27th November 1993 Page 9
nust put things
hard working doctors and nurses but surely
on the Goverme-nt of the day and previous
oThea GHA has, therefore, embarked
on a project to try to raise funds to
start something ~ he said-
Unsuccessful attempts have
=' been made to get financial
support from several foreign
organizations, Mr Crui-ckshank
UICKSHANK Pease See HOTELIERS Page 10
Council which had responsibility for
nutritional rehabilitation of Malaya after the
Present in Grenada for the dedication
ceremony were two Grenada-born
nationals, Dame Hilda Bynoe,
t fonrer Governor of Grenada, and
Lord. Daid. Pitt, both members of the
Medic.' Schools Academic Board.
1lso present for the dedication
id a member of the Aca-
eimec Board was Dr Edmund
ischer, 1992 Nobel Laureate
In addition to the Chancellor,
RLES MODICA person addressing the ceremony
were the Vice-Chancellor, Dr Keith Taylor,
Sir Paul Scoon, fonner Governor General
of Grenada arnd Dr Peter Bourne and Dr
Nellie Bourne, the son and -ido, respect-
ively, of Dr Geoffrey Boumre.
...i- .Es .. .
The Grenada Nesletter Satarday 27th November 1993 Page 10
HOTELIERS From Page 8
said, and another stumbling block has been
inability of the Association, until recently,
to motivate Government into joining vith
GHA to ensure that a rew hospital is built.
Government has now given the go-ahead to
GHA to re-develop the General Hospital on
the present site, he said, this project being
estimated to cost close to EC $80 million.
"The Pan American Health Organisation
has assured the Ministar (of Health) that,
once the plans have been completed, they
vill go out and seek funding for the
project," the President said.
To date, he said, GHA has just over EC $
60,000 a aa nuceles of the Hospital Fund.
Small as this may be, the President said, it
is a start and, now that there is encourage-
ment from Govemment, GHA hopes "to do
some more work in 1994."
Worst Water Shortage
Mr Cruickshank complained that the hotel
area is experiencing one of the worst vater
shortages in the history of Grenada. This
is because, he said, there has been a
ECCB From Page 8
St Vincent with growth mates of 13.2%
and 12.7% respectively. Growth rates
in the remaining countries ranged from
10.4% in Anguilla to 5.1% in St Kitts.
SDespite these differences in performance,
the Report says, there vas little change in
the percentage shae of visitors.
Antigua and St Lucia attracted 28% and
S24% respectively, vhile Grenada arnd St
Kitts each received just over 12%.
In terms of rmraet perfornance, there
wer redixucions in stay-over visitors from,
Eiuope (23.1%, C anaa (.2%) arnd the
Caribbean, but the w ere significant.
increases of 22% from the United States,
2 fr- om the Unite d Kingdom ad 28%
from "othefi markets.
-----^^Bm tif .- --S En
prolonged dry season and there is a lack of
planning and foresight by the National Water
and Severage Authority (NAWASA).
It is recognized, he said that this problem
may take a fev. years to be corrected, but
better se7ice is expected next year.
One Controlle Area
Foryears, GHA has been trying to encourage
Government and the Ministry of Tourism to
set up. a market in the hotel area where
vendors can sell their goods money controlled
area without harassing visitors on the beach,
the President said.
"We have seen the deterioration of
standards and the harassment of ourl
visitors for too long by people killing to
destroy our Tourism Industry," he said.
It is easy to understand the plight of vendors
trying to make a dollar, especially in a time
of recession. Mr Cruickshank said. but
. Government must put things in proper
perspective, and it is his understanding that
the vendors market will become a reality in
The President referred also to the trans-
portation system 'vhich, he said, does not
serve the nation's purpose.
Need To Get Home
There are some 740 mini-buses in operation,
Mr C rickshank said, and most of them stop
operating at 6.30 pm, leaving stranded many
people who need to get home.
There are more than 500 people working
log after 6.30 pm in the Grand Ansearea
here many hotels are, he said, and he
urged Government to regulate the trans-
port system, encouraging the bus operat-
ors to continue to operate until midnight
The President congratulated Mr Royston
Hopkin, prominent Grenadian hotelier and
a past president of GHA, who has been
elected to the post of President of the
Pl-eae See HOTELIRS Pae 11
The Grenada Newsletter Saturday 27th Noember 1993 Page 11
For the period January to June 1993,
Grenadavelcomed 71,444 stay-over visitors,
an increase of over 9% for the corres-
ponding period in 1992.
Of these visitors, Grenada's sister island of
Carriacou was host to 6,720, that figure
representing an increase of over .91% from
the 1992 figure of 3,510.
During the first nine months of 1992, there
were 303 cruise ship calls, bringing a total
of 136,202 passengers. During the
corresponding period in 1993, the number
of calls fell to 272, but the number pf
passengers grev by over 8% to 147,226.
The Grenada Boani of Tourism estimates
that, for the first nine months of 1993, stay-
over visitors spent some EC$89.5 million
while cruise ship passengers added EC$7.3
million to the economy.
Hydrographic Survey Of
St George's Harbour
A four man team of experts from the Royal
Navy Surveying Service is to make a com-
lete hydigragphic survey of St. George's outer
A release from the office of the British High
Commission in Grenada says this project is
being undertaken at the request of the
HOTELIERS From Page 10
Canbbean Hotel Association with effect.
Mr Cruickshank, who has headed the GHA
since 1989, as re-elected President for
the coming year.
~a~---- gl -emr f~ b~~ 1I-It a~r
Grenada Government and vill be financed
by the British Government,
The last survey of the harbour was carried
out in 1958 by HMS Vidal
OECS Ministers Endorse
Education Reform Strategy
A release fromr the Government Information
Service (GIS) says the Seventh Annual
Meeting of the Organisation of East
Caribbean States (OECS) Education Min-
isters, held in Montsernat on 16th and 17th
November, endorsed an Education Refom
Strategy for the sub-region.
To help vith sinrngthening and development
of policies, management and administrative
mechanisms at both regional and national
levels, GIS says, the Ministers agreed to
formation of an Education Reform Unit.
The meeting approved twelve project
proposals including upgrading of school
plant, staff development and training,
curriculum development, continuing edu-
cation and establishment of an education
Grenada vas represented at the meeting by
Minister for Education, Senator Carlyle
India Donates Medicines
The non-resident Indian High Commissioner
to Grenada, Professor Ohintanani Lash-
kmanna, on November 26th, presented an
assortment of decongestants and expect-
orants to the Minister for Health, Mr
Phinsley St Louis.
Pleae See NEWS SHORTS Page 12
r -" -- -- ... -. .- .. .. .-. --I
The Grenada Newsletter Saturday 27th November 1993 Page 12
NEWS SHORTS Frma Page 11
Speaking on this occasion, the High Com-
missioner said his country can always rely
on Grenada's support at the United Nations
and other world bodies.
Economically he said, India is a small
country but the people" are big hearted in
their giving. The donation of medicine,
he said, is indicative of further assistance
Grenada may g. ect from his country.
Income Tax A Step In Right
According to the Governmermnt Information
Service (GIS), Grenada's Director General
For Finance, Dr Cariile Mitchell, has said
reintroducton of personal income tax in the
1994 Budget vill be a step in the right
Income tax is needed badly, Dr Mitchell told
GIS, it is a positive measure crucial to the
island's economic recovery and is more
equitable than tih Debt Service Levy
Dr Mitchell said the Ministry of Finance is
strengthening the '"Cutoms and Inland
Revenue Departments" in preparation to
effect the system.
Personal Income Tax was abolished in 1986
and replaced by the Value Added Tax and
In the "Throrie Speech" delivered by the
Governor Generl on October 23rd, corp-
orate and personal income taxes ar said to
be part of the 1994 budget due to be
presented fbegf the end of the year.
However, unconfirmed reports say the
necessary legislation will not be ready in
time to bring thesis taxes into f6rre on
South Korea Donates
An anaesthetic machine costing some
US $30,000 has been donated to the Ministry
of Health by the Governnent of South
The presentation was made on November
S11th to Minister of Health, Mr Phinsley St
Louis, by non-resident South Korean
Ambassador to Grenada, Mr Young Sing
27th November 1993
Printal & Publiixs By The Proprietor,
Alster HIghes, Journaast,
Of Sott Street, StLGrge's Grenada, Westidies
(P.O Bk 65: Phtme  440 253: Cables HUS)N, Grenada
The Grenada Newsletter Saturday 27th November 1993 Page 2
SPEECH From Page 1
that, "under no ircturrntarnces". vould .that
type of taxation be reI-introdu edr .
The Throne Speech does not refer to any
other taxation to be introduced, but does
say user fees for governmental services,
in such areas as health, legal affairs and
general admintration, will be "iational-
The Governor-General said GCverire not's.
pr.ogranmne of pr atising certain. state-
owned assets will be pursued ,and said the
benefits of privatisation -'a be judged by-
developments in Grenada Telecofirtnui-
cations Lid (GREN TE n organisation
privatized by ,Govenen- t ;in 's.
controlled and, in '993, the
ScoMn urpi bsir 199 ls
**'" j.* "- i
,Accodit g to the G6venbr-.Gneral, the ne t
two years pirnise to be a hive of infra
; strbtuzal3 'livity.
That activity incudes :10.6 miles ofI
road in Grenadas ssr island of
Carrmacou to be repauad with a grant
of EC $1S. million from the Republic
of China on Taian. It includesi
other work mi Carriacou financed by
a loan from the Caribbean -Depilp-
menat Bank and involving constrtion
of jetties, roas, sea deTfeoes andl
water supply systems.
1S S taa THE PERFORMANCE OF THEnaa
inald said, _GREN- rmies of fe e de r
TEL in-Staled NATIONAL ECONOMYroad.s ill be
somre 2, 000 telepho-s bn zngi comp ete d ,
the total consumer bas3 to 20,25-0j severaltver projects vl11 begin or
As part of an EC $14 million invest- J be completed, and hooking up to the
ment, he said, niew switching equipmentIY A Gra i-j. Arnse Sever Project, finrance- d
was installed at five locations3 and AaW by t h United States Agency For,
GRENTEL is expete- d f.--.. Ifn ematiLonal D evelop-
continue to -affb G'e-!T men -il be conmlete d.
nada state-of-tie-ait rtel eco icati n
facilities aind services.
The performance of th na tional economy
in 1993 wvas enco"mginr the Govemor-
General said, in ite of rising unemploy-
ment in the irnustial c&im-ies and the
avouble io marke for-
Grenada's agricultural cormdities.
"Tourism and cocoa, however, have
done very vell he said, with 20%
iand 12% growth respectively, and, in
tfe case of cocoa a 35% price rise."
Sir Reginald zsid a 1I g c.wth in the
national economy is expected this year.
IGoven ents Structural Ad .-. iustmrent Plan is
progressing ell, he said. there rha been
growth in revenue, expendit.i-u is being
Grenadians knov peace and stability are
necessary prereq-sites to national e o-
nonac growth and development, tb5
Gosvrnor Geeral said, and he reminded
Slisteners that they had recently
celebrated the 10th anniversary of the
rescue mission by United States ani
Caribbean forces. the opportunity
affirded is to begmi again to build in
peace and stability democratically"
I"T- s theiefoz an opportme time for all
of us Grenadiais, to n.dedicate ou-rselves to
doing whatever we can to make our nation
.great," he s:.d, pryingg the blessing of God
on our nation
The Grenada Nevsletter Saturday 27th November 1993 Page 3
GIEh2ADA JCO1M Y
The Tourism sector proviAed a bright spot with
visitor arrivals renistering significant
increases over both tae previous quarter and
the corresponding quarter in 1992
TH E EASTERN CARIBBEAN
Ce-ntal Bank (ECCB) paints a
gloomy picture of Grenada's
economy as it -as in the fist
jquartr of this year. w it
The Bank's report fbor tdat
period, now pub~ushed,u. says
.the island's economy, which
expanded by 2.9% in 1991,
Igrwe byionly 0-6 in 1992Jnd
Remained slok during the Janu- l.
ary t- March period, of this year
,r -. In that q:li elr, aggegate
1 output of the traditional
X crops of cocoa, nut-
i tr megs and bananas de-
cliner., industrial pro-
4 ..,, I ,dunction also. declined
S the consiruction
-sector reminred depressed.
jHoever-, the Tourism sector provided a
brightsWptvithvisito arrivasregs Mte
S..jm- te co!res-
( ~ iosqarter md
-- ,a v tis tics
p -pubbled by
S. ECCB shoiw that
ty@, whnch contracted
in 1992, continued to shrink in the quarter
under review vith an output of only 1, 380
tons, a figE 10. 3% lover than the
corresponding quarter in 1992.
The Cocoa Industry fell also vith a drop
I of 82% to 764 tonnes Nutmeg
S production fell sightly to 764m
(sic) tonnes but mace, the by-
S rduct of this industry,
Splummeted by 48.5% to 32
127%. higher Prj-
pared with the previous
quarter, output of the other bevemges was
Please See ECONOMY Page 4
Founded 17th August 1973
M&RIA MOORD CABOT AVARD lj1
Potge Paid By Second Class Airmail
(Inlanm Post n Grenada)
About 20 Ik
$115D.0 $ 43JO
Payalle In Ad-alne
uses Pubiiksed. Am ually
The Grenada Newsletter Saturday 27th November 1993 Page 4
ECONOMY Prom Page 3
significantly below that for the colnes-pord-
ing qimrter in 1992-
Beer was down by 32.8%, malt by 30.4%,
stout by, 53 7% and soft dr nis by 7.2%.
"Output of cigarettes and flour were
121% and 212% lover respectively"
the EC C BR report says "Macaroni output
declined by 26%, that of poultry feed
increased by 1.9% and there vas no
change in the output of heat bran"
Quoting sttistics f r Touis-m, Tie Report
says total anivls stood at 99,774, up 19. 1 %
from the previ-ou quartr and 1?7.8C gUeater
than fbr the comnIpondingr quarter in 1992
arrivals represent increases of 16.3%
and 17.1% respectively over the
previous quarter and the corres-
ponding quarter in 1992.
-.-- As Wat the case in 1992, during the
Sfinrt quarter of
1993, the tight fiscal situation in the public
sector and the difficulty of obtaining credit
in the private sector .esultE ued 1i depression
overall in the C instruction Sector. In the
-period under review, -ly 96 building
penmsi were isued 1 aE c maed ?-ith 113
"m the coi .reponding p c in 1992.
Estimated expenditure by visitorre i:fCr ~+r T e Cfetral Governments fiscal
the quarter under review a- position continued to be tight
EC $39.1 million, a figure ich dis the quar-
m30.9% ~,~ater than t the tth undel e-
previous qcwarter an&fld.6% mo2J) iEr- -^ -: l ^ tjo
thai for the first quarter of 19921. / CCBReport says. "There
Evas a deficit of EC $23 million on the
The Report quotes a states ti of 25,_ .03 stay recurrent account compared vith a
over visitors for the qumter hich e deficit of EC$1.4 million during the
15.3% greater than t for the last quarter corresponding quarter in 1992"
i 1992 and 17.1% gr-ater than for the
Iconspontding QSr n 1992--. The larger deficit, the Report says, occurred
in spite of greater laven-ue intake and,
Of the tottal sta-over arrivals 38-6% the;fo- was- due to a higher lerel of
Same from the USA (up 43 1% from tde reculrnt expen.itu1s.
corresponding quarter nx 192 1 i%.
came from the United King _Total recurrent revenue for the quarter
dom(up 7.3%) andi Hif% -F -as EC $346 mihon, up by 6.1%
,: ..from the fit quarter of 1992, the
Sport says, vile recurrent expend-
S itire for the saime nerioB as FC S6 69
-..r r from
returning temporarily numbered about
10% of the total-
Cruise passenger arrival for the
review period numbered 71,384 or
71.5% of total arrivals and spent an
estimated EC $3_5 million. These
The greater part of this increased
expenditure, EC 21-8 million or
53.8% vas devoted to personal enolu-
ments and vas 1310% greater than for
the first quarter of 1992
^^^^M.f-----r -.,:>- 3
The Grnada Newsletter Saturday 27th November 1993 Page 5
TY)EJN BJDDJE 0, THE
T HE GRENADA GOVERN-
ment published on November
16th a short list of three com-
; panies being considered as
possible purchaser of "a significant share"
of the Government-owned Grenada Elec-
tricity Seivices Ltd (GRENLEC).
The closing date for receipt of bids was
October 15th and, following that date, a list
of seven bidders w-t ann-ounced. r
Government considered aiso the proposers'
plans for environmental management of
operations, investment plans of each bidder
as vell as their overall background, appli-
cable experience and financial strength.
Each of the three selected firms had until
November 24th to submit their best and
final offers, following which, Government
would rake a final choice
-1f Thnl a rl I'nr t
i P4a. 4.c V. ire easc. oaym-, wirn u
'Nov elimnina ted are Samrnsun/ V "state gi: partnf' has been
W oC of Washington D.C..i .- e selected, there vi.l be a
|Algonquin Pover Corp public offering of the -e-
ration Inc_ of COntari, C an- --0 n 1rig shares, the number
tada, the Cormonwealth of shares sold to the public
Development Corporation depending on the derrand for
of London, England and t Se shares among Gernadians.
joint bidders, Power Systems c r
Investors Group Inc and NRECA According to the release, pira-
Intemational Ltd whose tisaton of GRENLEC is
addresses are giTren ;sSERVING THE NATION pa. .noft Government's
Metainre, Louisiana. N'oc-,ros- eoriand overall economic reform plan aimed at
Washngtcn, D.C. cLnverting a public sector oriented economy
into a competitive market-driven stmctuhr-
The three bidders now being considered are
IVO International Inc. of Vantaa, Finlarnd,
Synergies Energy Development Inc. of
Annapolis, Ma land, U S A and WRB
Enterprises Inc. of Tampa, Florida, U S A.
j" sd secft f&I~sa for the& in"Mfnf
af faif4 'a Government press release
says, "he b~sannwt of &eod2a con-
sdtemal the i att sWa iB tacb prnynWl
I etwea Mhe pa o- Carf sad the o& m
adsnlfagte i osra1 y tie kaddEs"
1According to the release, Gve mnnent
j"weighted lhavily the plans of the pro-
iposers for accommodation of existing
S management rt ard staff and the up.gdirg-and
jtrainirng of existir mrranagerrent ad staff.
There is, however, considerable opposition
to the sale of GRENLEC that opposition
being spearheaded by a National Joint Co-
operation Cormrnittee on Privatisation
(NJC CP) comprnsed of some 17 organi-
sations led by the Grenada Tades Union
That C committee has stated it is not against
privatization per sq but is opposed to
divestme nt of state-o ned enterprises which
;are money makers.
Making that point, NJCCP has published
figures produced by the Intezrational
Monetary Fund 'which show that GRENLEC
Please See GRENLEC Pae 6
The Grenada Nevsietter Saturday 27th Nowember 1993 Page 6
v ^^i iL
R MANUEL MARIN,
M. Vice-P~.sasidnt of the Com--
rmisson tof t he Eur-opean
i C mnities (EEC), said
in Grenada at a press confeirnce on
November i3tnh "tat two nations of the
Community, Gernmany a nd the Netherlands,
had challenged the legality of the Banana
Protocol -w7ich the EEC brought into effect
L;ast July 1st.
That 'Protcol, designed der te Loae
IConventior, to prZtect bananas ..
exported to the 1 elv-e- mer-
ber Euirpean Sjinge Market I
(ESM) by the African
2 Caribbeanand Pacifi (ItC
countries of that Connnton
vorks with a system of licen- I i:
Under th at syte.r,11 -mit. fm the
Windvard Islands (together ith fruit from
the other APC countries may enter dut
free, into the ESM R without quuantative limit,
up to the highest tornag shipped by- each
I coun-try over the last six ye-ars
A limited Licence
iOn the other hand, the cheaper priced
S"dollar" bananas from Cntral Amelicai have
ia limited licence of to ri.llion tns aimuallyv
i! GRENLEC Froma Pse 5
had a surplus in 1992 of about I% of
irenadwas Gross National Product.
Dr Keith Mithell. Poitical Leader of the1
New Niationia Pariy (which party i a
member of N.JC C) has stated publicly that,
should his party the ne-t Genera
vill be given to buying back i GRENLEC if
it been sold freigrs.
^^swmimyz;Oio, v,.:- s,;;,!Bie^^^M^
'\" 1-L~EKziNY fJT/A\NA
on which a duty of about US$100.0U peri
ton must be paid. That icence may be
exeeded, but duty mus t then be paid at
nearly US$900.00 per ton on the excess.
The Vice-President said Germany and the
Netherlands, h -ad anppeed the Eumrpeanl
*.Court of Justice- in Lmmbour but had
lost that appeal when the Court ruled that
the Banana Protocol was legal.
Continue To Protest
however. he said, Latin American Countries
atd th Unit d States of America
S continue to protest that the
S1 Protocol violates principles of
the Gerneril Agreement on
g Trade And Tariffs (GATT).
h t matter is still alirvE, he
sa arid a u. discussions continue-
S: Piedictions of market disaster
wl hiich vere. being voiced have not come to
as s and he is confident a solution Vill be
found befo., the scheduled end of the
Uruguay tound of talks on Decem-rnber 15th.
With refemnce to his visit to Grenada, Mr
Mann said he is impressed with the
efficiency of the Govem nt i- ex.cutmioln
of its Structual Adjustment Progtairime.
In om.er to assist that Programme and.
alleviate its social repercussions, he said, the
US$5 million which Gfrenadt a received from|
the EEC' u:der the first Financial Protco
of the 4th Lome C onventionabich mrus from
Marlh 1990 to March 195.
Pm sent t t the press conference, Prime
Minister Nicholas i thwaite said the
additional grant. v ill be used to repair
Please See BAHANA Page 7
jvJ i -7 JiL
The Grenada Newsletter Saturday 27th November 1993 Page 7
D DURING THE FIRST QUAR-
tsr of.i1993, Govmrnments of the
member countries of the Eastern
CaribbeanC entralBank (ECC B)
raised a total surplus of EC$27.4 million
on their cunent account operations com-
pared with EC$55.9 million malised in the
same quarter of 1992.
This result, which refers to the.
member countries of Anguilla.
Antigua, Donmica, Grmnada,
Montsenat, St Kitts, St bxLia
ard St Vincent, is disclosed
in the nw-published ECCB5
Report for the 1993 January to
"While all but two of the countries
(Grenada and St Vincent) recorded fiscal
savings, the Report says, "these vere
generally less than those generated during
the same period m 1992"
GRENLEC From Page 5
Ssections of the Eastern Main Road. recon-
struction of which has been financed by
the EEC since implementation of Lome 1.
SAccorldrig to a release from the G'renada
office of the Delegation of the Connission
Sof the European Commuinities, the Vice-
President.is responsible forirrple-mentation
of the C :mmnis sion's police y of co-opsmtion
with ard development of developing
SIn particular, tias responsibility relates to
economic relations with the developing
countries of the Meditenanean region, the
Middle ETst, Latin America and Asia.
With the exception of Anguilla and St Kitts,
all the countries recorded a fall in revenue
in the quarter under review, rates of decline
ranging between 1.2% in Montserrat to 9%
in St Vincent. This resulted in total
revenue collection in the area of EC$286.7
million, a fall of 3.3% from the figure
relative to the corresponding period in
SThe combined expenditure on
current account amounted to
EC $2593 million, an increase
f 7.8 over the figure for the
first quarter of 1992.
Curnnt expenditure lose in all the
countries except Anguilla and Antigua, the
Report says, ith expenituE on ages and
salanes for the region mounting by an
average of 12%. n Grenada, St Lucia and
St Vincent, salaries and wages increased. at
rates rangmg between 14%, and 22%.
The other marr epemnditiur item was
outlays for goods and. services, the Report
says. This item vas reduced by 3% for
the region, despite increases in St Vincent,
Grenada and Dominica.
"Otter expenditure, ncludingpublc debt
charges and transfers which amounted to
about 15% of expenditure," the Report
says, "rose by 22% over the figure for
the same quarter in 1992."
Accc ding to economic data of member
countries, ECC B says, agricultural output in
the area declined during the first quarter of
this year Banana production was down in
all the producing cotmtries and, as a result,
regional exports fell by 122 to 59 505
Please See ECCB Pare 8
70P r/3U Tl OM
The Grenada Newsletter Satrday 27th November 1993 Page 8
HE NEW EC$1.3 MILLION vwhre the Complex stands m spacious
I complexx of the St Geore's 1S-* grcmunds.
S University School of Med-
Se-ie has been for.naly The structure is dominated by a 37-foot
dedicated by the Unive-rity to the !lock tower and includes a 12,700 square
memory of the School's first Vie- foot 250-set Lectue Hall, a Physical
Chancellor; the late Dr Geofftey H. Diagnrostic Laborlatory a- addnmfis-
Bourne. trative facilities for Admissions, ihe
Registiar and the Dean of Students.
The dedication was perfoniA d by Dr fl
Chales Modica, C chancellor the
University, and the ceremony was
staged on October 18th at the True
Blue campus of the Ul-:niersity
ECOC From Page 7
tonnes compared with a 25% increase in the
corresponding quarter of 1992-
Piductio n on nutmeg declined margnally
while the volume of cooa e xp--o increased
by 56% .. Hover, the export value of
this crop mc~eased 5b ony 38- reflection
a 20% drop in unit value.
ThemB vas a longer harvesting perfol d of
sugarcanr whichled to a pr3 uctioninc iase.
of 33%, but this -ws modified jy reduction
in the yield of sug'a per tn of cane.
Shoved Mimed Results
Export -of mn fact.eta goods sho- ved
mied results during the quarter under
review. In Dominica, exports of soap
increased significantly and production of
canioard bos.es improved, but there was
contraction in outit of papr products in St
Production of electrical appliances and
components rose in St Kitts and St Lucia,
but that of processed food, clothing and
copra declined. The two rrajor export
sonrnodities of St Vincent, flour and nce,
increased significantly, while indus tria
SThis dedication-mks partial comple-I
tion of the first phase of a building
progrinre which the University
E announced last January and.
Y BOURNIE I
- DOUR which im.ludes dormitories for
100 students, facilities for seven full-tims
faculty members arnd facilities for visiting
That phase includes also a new adminrs-J
trative building, a new library and a!
"Learning C entire" as well as dining facilities
for students and faculty
Please See COMPLEX Page 9
production of most. items in Grenada
Visitor a 'ial statis.cs show a rirdest
exparsiou in the area's Tourism sector, the
Re poDrt s ays. In the quarter under review,
these aivaris increased by 2.2% compared
7ith he corresponding period in 1992, this
slow rowrth being influenced by a 2.7%
drop in ciense ship visitors.
"However" the Report says, "stay-over
visitors, who have a greater impact on the
sector...... ose by 10.5% as against 11.5%
during the same quarter of 1992"'
Growth of stay-ver visitors was positive in
all countries of the area but was strongest in
Grenada at 17.1 % followed by Antigua and
S Pleae ee eECCBPage 10