ST. GEORGE’S, Grenada, February 13 – The Grenada government plans to raise more than $725 million from regional and international lenders to help finance its 2025 national budget, Finance Minister Dennis Cornwall has announced.

At a news conference, Cornwall revealed that the budget presentation, initially expected in late 2024, will now occur on March 7.

The government will seek funding from institutions such as the Eastern Caribbean Securities Exchange (ECSE), the Caribbean Development Bank (CDB), and other international partners.

“When we come to Parliament on March 7, we will present the budget and an opportunity to access additional funds for our development projects,” Cornwall said.

“I will wait until the final figures are confirmed before making an official announcement, but we are looking at over $725 million in external borrowing.”

The delay in presenting the budget has drawn criticism from Opposition Leader Dr. Keith Mitchell, who warned that it could disrupt financial planning for businesses and public services.

“It reduces the ability of stakeholders to plan appropriately,” he stated, adding that such uncertainty could slow economic activity.

The Dickon Mitchell administration has defended the delay, citing the impact of Hurricane Beryl, which caused extensive damage.

The government relies on a general warrant issued under the Public Finance Management Act, which allows the Finance Minister to collect revenue and approve necessary expenditures for up to three months without an approved budget.

The warrant, valued at $400 million EC dollars, has covered government operations from January to March.
When asked about potential tax increases, Cornwall declined to give specifics, instead encouraging citizens to ensure compliance with existing tax regulations.