Our relationships

Our relationships

Overview

The Department has built relationships with key economic governance institutions to support access to international markets and continuous improvement in public financial management. Key relationships include:

  • The International Monetary Fund, one of whose functions is Article IV financial surveillence
  • The Asian Development Bank – a key donor supporting investment in public financial management reform, financial literacy, and infrastructure, including the Port redevelopment project
  • OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, supporting international transactions for Grenada registered businesses and citizens
  • Pacific Financial Technical Assistance Centre (PFTAC ) that supports improvements in public financial management

Institutions

 IMF and World Bank – web information

Article IV surveillance is an obligation of IMF membership.  The IMF holds consultations with Grenada every year to review Grenada’s performance, and publishes a report every two years.

 Article IV Report Jan 2020

Grenada works with the OECD Global Forum on Transparency and Exchange of Information for Tax purposes.

In June 2019, Grenada received ratification from OECD Global Forum of Grenada’s ‘largely compliant’ rating with OECD Standards as a result of the Fast Track review undertaken by Global Forum assessors. 

 Minister’s Statement
 Grenada’s MACC Instrument of Ratification

OECD Website
Global Forum on Transparency and Exchange of Information for Tax purposes: Grenada Phase 2 Status 2019.

Grenada works with PFTAC to progress key governance reforms.  Recent work with PFTAC has included:

  • Implementation of IPSAS cash accounting and reporting
  • GFS reporting 
  • Tax policy review

 

Pacific Financial Technical Assistance Centre