Government has announced that new laws will be introduced next year aimed at reducing the cost of electricity in the country.
Delivering the Throne speech in Parliament, today Thursday, Governor General Dame Cecile La Grenade says a new Electricity Supply Act would be tabled in Parliament. The head of state said the new law will cover tariff setting, use of renewable sources of energy and provision of regulation by the Public Utilities Commission.
“The high cost of electricity remains a binding constraint to Grenada’s growth and competitiveness,” the Governor General told Parliament. “My government is preparing a new a new Electricity Supply Act which is expected to be tabled in Parliament in 2015.”
The Governor General reported that early results of the Home Grown Programme have been encouraging. Dame Cecile told Parliament that the economy had grown for a second straight year, after years of decline. A recent report by the IMF suggested improvement in Grenada’s fiscal situation and rising confidence in the investment climate.
“These are yet early days, but the initial results of the programme have been encouraging,” Dame Cecile said.
The 2015 Budget is to be presented in Parliament next month, and it is expected to be consistent with the Home Grown Programme. Top priorities are likely to be fiscal and debt sustainability, investment in the productive sectors and job creation.
The Governor General also disclosed that resources will be increased to tackle the deterioration in the country’s road network. “In 2015, more resources will be deployed to improve the maintenance and upkeep of roads, especially now that the asphalt plant is fully operational, after several years of not being functional.”
Plans were also announced to increase the amount allocated to the Small Business Loan Scheme, while measures are being introduced to deal with the inefficiencies identified during the first year of the programme.