Non-Bank Financial Sector Updated on the Performance of the Economy

The Minister for Finance and Energy, Dr the Rt Hon. Keith Mitchell, and a team from the Ministry of Finance, along with the Grenada Authority for the Regulation of Financial Institutions (GARFIN), met with the non-bank financial sector, including credit unions, insurance companies, Grenada Development Bank and the Grenada Building and Loan, on Thursday, 23 March 2017.

The Meeting was held at the Grenada National Stadium and saw a large turnout of representatives from the local credit unions and insurance companies.

The main objectives of the meeting were:

  1. To continue the engagement with the sector, which was started in September 2016;
  2. To present an update on the Homegrown Programme;
  3. The highlight performance of the Economy in 2016, the outlook for 2016 and receive feedback on economic developments;
  4. To outline the progress with preparations for the Foreign Account Tax Compliance Act (FATCA);
  5. To listen to the concerns of the sector; and
  6. To commemorate GARFIN’s 10th anniversary

Prime Minister Mitchell, in addressing the gathering said:

“I am extremely proud of the preliminary results of the IMF’s 6th review. To achieve the economic growth we have achieved in 4 years is not only admirable but phenomenal.” He went on to say: “It is clear that the non-bank financial sector has expanded and continues to expand, which is good in a growing economy.” He reiterated that the fiscal measures that have been put in place as part of the Homegrown Programme, to bring the country to this point, will not be reverted. He commended GARFIN on their performance, over the past 10 years.

The Ministry intends to engage this sector on a quarterly basis, going forward.

Ministry of Finance

Netherlands Insurance

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