• Latest
Cabinet-appointed subcommittees deliver initial reports on rebuilding economy

FROC 2019 report: State owned enterprises and statutory bodies fiscal situation unclear

8 months ago
All about volcanoes

All about volcanoes

15 mins ago
Vacancy: Operations Administrator, Eastern Caribbean

Vacancy: Operations Administrator, Eastern Caribbean

1 hour ago
Roderick St Clair elected to fill vacant Senate post

Grenada must kickstart Praedial Larceny enforcement

4 hours ago
Cocoa Facing “Boom And Bust”

Grenada’s chocolate: As fine as its beaches

5 hours ago
Claims of coronavirus at SGU designed to create fear and panic

Covid-19 update: Grenada Dashboard 19 April

22 hours ago
New health centre in Gouyave

New health centre in Gouyave

22 hours ago
Tanteen Road Closes At Noon

Road Closure: Hermitage Public Road

23 hours ago
Grenada Bar Association — Supporting Our Youth

High Court dismissed claim filed by Garden Group shareholder

24 hours ago
SGU and Government of Grenada establish diagnostic testing facilities

Prime Minister welcomes planned return of SGU students in August

24 hours ago
Higher Gas Prices for March 2014

Higher gas prices for April 2021

1 day ago
Conference: Caribbean Children and Caregivers

Speaking Up: April is Child Abuse Awareness Month

1 day ago
UWI Political Science lecturer encourages a ‘Yes’ vote to Bill #6

Towards a politics for sustainability

1 day ago
NOW Grenada

Main Header Ad 468x60

booked.net
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
NOW Grenada
No Result
View All Result

Article Header

FROC 2019 report: State owned enterprises and statutory bodies fiscal situation unclear

This story was posted 8 months ago
20 August 2020
in Business, Law, Politics
2 min. read
EC currency. Wikipedia
Share

by Linda Straker

  • Macroeconomic Policy Unit fiscal data includes only central government information
  • FROC report notes consequent gains in 2019 included compliance by Central Government with fiscal rules and convergence to debt target
  • Some entities failed to comply with mandated annual laying of financial statement in parliament

The Fiscal Responsibility Oversight Committee (FROC) said that notwithstanding the significant improvement in quarterly reporting by the state-owned enterprises (SOE), the fiscal data provided by the Macroeconomic Policy Unit in the Ministry of Finance still includes only central government information, and wants these bodies to comply with the legal mandates to have financial statements tabled in parliament.

“Most targets were met in 2019 but based on Central Government data only. This has therefore given rise to the cautious assessment in the majority of the targets as the Act is very clear that the data used must include not only Central Government but also ‘covered public entities’.” The 2019 FROC report was recently tabled in the Houses of Parliament and was the focus of a news conference organised by the members of the committee.

“The data submitted by the Macroeconomic Policy Unit for the preparation of this Report does not capture that of the covered entities as required by the Act. This omission has given rise to the caution applied in the assessment of a number of Rules and Targets.” The report pointed out that the MPU has made progress in building a full data set for covered public entities and the committee is hopeful that this shortcoming will be rectified in 2020.

The report said that the consequent gains in 2019 included compliance by Central Government with fiscal rules and convergence to the debt target. “While these achievements are commendable, they cannot be applied to the public sector as required by the legislation. In accordance with the FRA, fiscal responsibility and, more so, fiscal reporting frameworks need to extend beyond the Central Government to the remaining elements of the public sector namely National Insurance Scheme, SOEs and SBs.” The report explained that such a requirement is not only essential for greater transparency, but also to better provision or mitigate risks with contingent liabilities.

The statutes establishing statutory bodies or state-owned enterprises mandate the annual laying of financial statement in parliament, but some have failed to comply. One entity last laid its financial statement in 2006, while for another, it was 2009. It must be noted that in recent times more of these bodies are presenting financial statements.

Based on what was presented to the FROC, the debt of state owned enterprises and statutory bodies is tallied at EC$166.8 million but that is not a true reflection because all debt and contingent liabilities of these bodies assumed by the government are still not captured.

NOW Grenada is not responsible for the opinions, statements or media content presented by contributors. In case of abuse, click here to report.

Tags: fiscal responsibility oversight committeefroclinda strakerstate-owned enterprisesstatutory bodies
Next Post
Air Canada resumes scheduled service to Pure Grenada

Canada now in low-risk travel bubble for Grenada

Comment on story Cancel reply

Please enter your valid email address.
Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Home Sidebar NP 300x250

© NOW Grenada. All Rights Reserved. Published by Aqua Design Inc. | Terms of Use | Privacy Policy

No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us

Copyright NOW Grenada

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings. Visit our Privacy Policy | Terms of Use.

NOW Grenada
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Visit our Privacy Policy | Terms of Use.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.