I am honoured to have the privilege to address this Workshop on behalf of the Government of Grenada.
I take the opportunity to formally welcome the team from UNDP Barbados office and wish that you will enjoy your stay in Grenada during the next two days.
It is certainly difficult to be away from work and your families as you either attempt to wrap up final activities in your work plans, prepare for the festive season or the annual family vacation. Your presence here today is indeed a testimony to your commitment and dedication to serve and we are indeed grateful for that.
As you may be aware, The Global Environment Facility unites 182 member governments â€" in partnership with international institutions, non-governmental organizations, and the private sector â€" to address global environmental issues.
You may also be aware that the GEF provides grants to developing countries and countries with economies in transition for projects related to biodiversity, climate change, international waters, land degradation, the ozone layer, and persistent organic pollutants. These projects benefit the global environment, linking local, national, and global environmental challenges and promoting sustainable livelihoods, and these issues are indeed relevant to us here in Grenada.
With this in mind, I want to use this opportunity to establish the context within which I believe your deliberations and considerations should be approached with respect to GEF -5
Grenada along with other developing countries continue to experience the brunt of a severe global economic and financial crisis. We in Grenada have had to contend with a stronger than expected decline in our GDP to 7.7% in 2009.
The depressed economic situation placed significant pressures on Government’s revenues despite efforts to strengthen collections. We have to reduce capital expenditure to keep in line with revenues. Nevertheless, Government’s primary deficit remains relatively significant.
The economy has remained sluggish during the year as key sectors such as Tourism, Agriculture and Construction are yet to recover due to lack of any sustained economic recovery in the United States and Europe, our two