by Linda Straker
- Reduction in revenue from March to August 2020 was approximately EC$90 million
- Total grants received in March 2020 amounted to $6.4 million
- Total current expenditure for March was $57.2 million
The monthly fiscal summary reports from the Ministry of Finance for the period March to August 2020 show that the reduction in revenue because of Covid-19 measures, was approximately EC$90 million while at the same time, there was an increase in grants.
“Current revenue for March 2020 was $68.9 million, which was $2.7 million lower than the target and $0.9 million more than the collections for March 2019.” The report pointed out that total grants received in March 2020 amounted to $6.4 million, which was $0.3 million more than the amount received in March 2019.
“Total current expenditure for the month of March was $57.2 million, $3.6 million more than the amount spent in March 2019 and $3.1 million more than the targeted $54.1 million.” The summary report is available on the Ministry of Finance website. A primary surplus (including grants) of $16.8 million was realised for the month of March 2020, which was less than both the targeted $21.5 million and the $20.6 million surplus recorded in March 2019.
In the month of April which was the first month of Covid-19 lockdown when most persons were at home, the Current Revenue for April 2020 was $44.6 million, which was $20.2 million lower than the target and $26.3 million lower than the collections for April 2019.
“This underperformance was due to the measures implemented as a result of Covid-19,” said the summary report which shows that total grants received in April 2020 amounted to $6.2 million which was $1.1 million more than the amount received in April 2019. “Total current expenditure for the month of April was $46.0 million, $5.4 million and $7.6 million less than the amount spent in April 2019 and the targeted amount respectively. For the month of April 2020, there was a primary deficit of $1.9 million,” the report said.
“Current revenue for May 2020 was $46.0 million which was $21.0 million lower than the target and $22.6 million lower than the collections for May 2019,” said the report which pointed out that the measures implemented as a result of Covid-19 continues to affect the revenue collections.
Total grants received in May 2020 amounted to $4.6 million, which was $4.9 million less than the amount received in May 2019. The total current expenditure for the month of May was $65.2 million, $1.4 million and $4.9 million more than the amount spent in May 2019 and the targeted amount respectively.
“The current expenditure for May reflects payments made to individuals and businesses for payroll and income support as part of the stimulus package. For the month of May 2020, there was a primary deficit of $6.3 million.” The report which shows that revenue on international transactions were EC$20.7 million for the period which is EC$12.6 million less than what was collected in May 2019. Current Revenue for June 2020 was $52.0 million which was $14.1 million lower than the target and $8.8 million lower than the collections for June 2019. Total grants received in June 2020 amounted to $5.4 million, which was twice the amount received in June 2019.
“Total current expenditure for the month of June was $57.5 million, $10.0 million and $7.5 million more than the amount spent in June 2019 and the targeted amount respectively. For the month of June 2020 there was a primary deficit of $0.8 million,” said the monthly summary which shows that international transactions began to increase. The ministry collected $24.3 million for June 2020, but it was still less than the EC$28.5 million which was collected in June 2019.
Current revenue for July 2020 was $52.4 million, which was $17.7 million lower than the target and $14.0 million lower than the collections for July 2019. Total grants received in July 2020 amounted to $9.4 million, which was $0.1 million more than the amount received in July 2019.
“Total current expenditure for the month of July was $57.2 million, $0.3 million and $2.5 million more than the amount spent in July 2019 and the targeted amount respectively. For the month of July 2020, there was a primary surplus of $0.4 million,” said the summary report. Revenue from international transactions increased to EC$26.49 million, but it was significantly less than the EC$33.4 million collected in July 2019.
Current revenue for August 2020 was $49.9 million, which was $11.8 million lower than the target and $9.2 million lower than the collections for August 2019. Total grants received in August 2020 amounted to $11.7 million, which was $3.7 million above the amount received in August 2019.
“Total current expenditure for the month of August was $52.7 million, $4.2 million more than the amount spent in August 2019 as well as the targeted amount. For the month of August 2020, there was a primary surplus of $3.4 million.” The report pointed out that revenue from international transactions was sustained to EC$26.6 million, but it continued to be lower than the EC$29.0 million received in August 2019.
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And no comments here because every one wants government to do this and that but they dont know where the money come from. people say money hungry corrupt government are tax grabbers. At the end of the day who owns all the money and who is suppose to earn it to pay public servants and workers and help improve basic infrastructure and healthcare. everyone opposes the government because of hotel projects. we are a poor country and we have little to nothing but our beautiful country that we can use for tourism. people are too bad minded. if we dont have tourism where else will the money come from? we can only use what we have and that is why we need more hotel projects and tourism.
Despite all out lands and passports these geniuses have sold over the years, we have no backup funds. I am not even mentioning tourism, their so called saviour.
It looks like the economy fooled them or they were dreaming all along or they are still dreaming and having fantasies.
COVID just help to show us in record time what we knew all along. So do blame COVID by bring this hard-luck story front of us, and don’t try to seek sympathy from us after almost two decades of mismanagement. Show us tangible results that truly benefit us for generations to come.
guess what. thats why we need tourism. agriculture cant back us up. thats why we will need more tourism. if we have nothing how can we get money. answer my question. i wanna know. tell me now
Keeping dreaming; these geniuses have been steering native grenadians in the direction of so-called tourism since I was a baby and no tangibles to show. Keeping dreaming; maybe you might wake up before it’s too late.
By the way, tourism is the new code word used to take our land away from us if you are not too blind to see. If they are participating in capitalism, why give away your land in hopes of getting jobs. It make no sense.
Well I wanna know what will give us jobs a better future and development? if there is no tourism. agriculture can barely pay for a house, a nice car and stretch of smooth road so i wanna know. The tourism industry has been very successful in the Bahamas and Dominican republic and look at the results. some of the richest carib countries. its not to say that those countries are fully run by foreigners. why is it that these days when grenadians hear the word foreign or look at foreigners investing they feel like there is a hint or touch to colonialism? like i mean in this modern era there no such then as colonization. It’s not to say that massive loans are taken from china or foreign countries for developments like in africa. down here government dont really take loans and dont have to worry about one thing.
well no jobs??? well then locals can create them or people will stay impoverished. its the oppositions that is keeping grenada as a run down country.