ST. GEORGE’S, Grenada, CMC – The Grenada authorities recorded a decline of greater than EC$90 million (One EC greenback=US$0.37 cents) in income for the primary 4 months of this yr as in contrast with the identical interval final yr, in keeping with figures revealed by the Ministry of Finance.
The ministry acknowledged that for the interval from January to April this yr, the federal government’s income stood at EC$412.2 million, in comparison with EC$505 million for a similar interval final yr.
It acknowledged that essentially the most vital discount was in income from the Citizenship by Funding (CBI) program, below which Grenada offers citizenship to international traders in return for making a considerable funding within the nation’s socio-economic improvement.
In response to the figures, within the first quarter of final yr, the nation earned EC$160.9 million in income from the CBI, in contrast with EC$69.4 million for this yr, leading to a shortfall of EC$91.5 million.
The Ministry of Finance had earlier projected that the federal government would earn EC$61.7 million for a similar interval this yr, however the precise assortment was EC$69.4 million.
In response to the info, Customs and Excise collected EC$156.7 in income throughout the first 4 months, which is greater than the EC$151.9 projected for the interval, in addition to surpassing the EC$149.2 million collected in 2024.
The Inland Income Division (IRD) collected EC$169.3 million, a slight decline for a similar interval in 2024 when the income earned was EC$171.7 million.
The ministry acknowledged that the discount was resulting from a decline in non-tax miscellaneous income. As of January 2023, the Ministry of Finance started reporting all CBI revenues as non-tax revenues. Beforehand, it was described as grants to the federal government.
“Present income collections fell wanting projections, primarily resulting from a decline in non-tax miscellaneous revenues,” stated the April 2025 Fiscal report, which defined that for April 2025, the first and total deficits have been recorded at -$21.8 million and -$25.6 million, respectively, exceeding the month-to-month targets.
“Nonetheless, for the January to April 2025 interval, each the first and total deficits remained properly throughout the established targets,” stated the fiscal report, which is publicly accessible on the web site of the Ministry of Finance.
