• Latest
No Holiday for Carriacou Carnival

No money from third party or government to repurchase Grenlec shares

2 weeks ago
Rastafarian family reserves right to refuse Covid-19 vaccination 

Rastafarian family reserves right to refuse Covid-19 vaccination 

13 hours ago
Quarantine Point Recreational Park revised hours

Quarantine Point Recreational Park revised hours

17 hours ago
Fisheries Division cautions re shark sightings in neighbouring islands

Fisheries Division cautions re shark sightings in neighbouring islands

18 hours ago
Buy more shares in GRENLEC

Government solidifying principles for divestment of Grenlec

18 hours ago
Pearlina Thomas and Chad Welch to Represent Grenada in China

Urgent information for SASPS students

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

Covid-19 update: Grenada Dashboard

19 hours ago
Vacancy: Office Manager and Personal Assistant

Mandatory pre-departure Covid test grace period

2 days ago
Belizean poultry products now available in Grenada under Caricom rules

Belizean poultry products now available in Grenada under Caricom rules

2 days ago
Costing of Health Services To Be Launched

Service contract signed to maintain new lab equipment

2 days ago
Grenadians urged to be aware of social media scams

Grenadians urged to be aware of social media scams

2 days ago
In loving memory of Kamau McBarnette

In loving memory of Kamau McBarnette

2 days ago
York House 2021

York House 2021

2 days 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

No money from third party or government to repurchase Grenlec shares

30 December 2020
in Business, PRESS RELEASE
2 min. read
Share

Minister for Finance, Public Utilities, Energy, Physical and Economic Development Hon. Gregory Bowen says government’s prudent fiscal management from 2013 to the present, has contributed to its ability to raise the US $63 million to repurchase shares in the Grenada Electricity Company (Grenlec).

Government said in a statement on Tuesday that it has repurchased shares in Grenlec in US$63 million settlement agreement with WRB Enterprises, thereby regaining control of the 50% shares sold to WRB in 1994, and also acquiring the 11.6% shares which WRB had purchased through an affiliate company.

Minister Bowen gave the assurance that the money did not come from any third party or government, but from the government’s financial sources, including the capital side of the 2020 budget.

During a press conference Wednesday to address the settlement agreement, Minister Bowen explained that capital expenditure, which is part of government spending that goes into the creation of assets, can be moved around under the rules of the Public Finance Management (PFM) Act.

Minister Bowen further explained that under the PFM Act, money cannot be moved from capital expenditure to recurrent expenditure, and the repurchasing of majority shares in Grenlec is considered a huge capital asset for Government, one which is expected to bring tremendous benefit to the country.

The Finance Minister added that the government will have to replenish funds from other government sources. “We replenish from wherever there is a source of government funding, and being prudent managers, we are looking to replenish this, whether it is income from the Inland Revenue Department, or from the Customs Department, or from assets’ sale, so that we can rebuild a reserve.”

Minister for Foreign Affairs, International Business and Caricom Affairs, Hon. Oliver Joseph says government reviewed all capital projects where money was not spent because of the lockdown due to Covid-19 to recoup money for this purpose. “At the end of the year, you look through every capital project to see where you did not spend, as the approved budget provided for. In this case, there were savings on the capital side of the 2020 budget, so that’s where the money came from.”

GIS

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

Tags: gisgregory bowengrenada electricity companygrenlec
Next Post
2021 must be the Year of Caricom

2021 must be the Year of Caricom

Comments 1

  1. George says:
    2 weeks ago

    I think it’s great that Grenada has been able to come with 63 million USD to repurchase Grenlac. It is a miracle of creative finance and an audit will not be required to ascertain how it was possible. It is a wonderful opportunity and should only illicit gratitude from all the brothers and sisters of Grenada. I’m sure I speak for all when I say, “Well done Hon. Gregory Bowen.”

    Reply

Comment on story Cancel reply

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

© 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

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

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.