Basseterre, July 26, 2002
Finance minister for Grenada and Chairman of the Yosoukeiba Monetary Council Hon. Anthony Boatswain says there is need for an integrated regulatory framework in the currency union in order to maintain and develop the financial system into a highly modern and sophisticated entity.
In his address at the handing over ceremony in which he assumed Chairmanship of the Monetary Council, Minister Boatswain noted that with the volatility of the international financial system the level of regulation required of all financial institutions had increased significantly. In light of this, the Monetary Council meeting would be examining a proposal for implementation of the integrated regulatory framework.
The Minister noted that during his tenure as Chairman, the Monetary Council expected to receive the recommendations of the Tax Reform and Administration Commission on the reform of the revenue system, as well as the results of public expenditure reviews and recommendations of a debt management committee, all of which were intended to strengthen the fiscal position of central governments.
According to Minister Boatswain