Independent Senator for the Private Sector in the Upper House of Parliament, Senator Salim Rahaman has described the EC $1.3 billion budget for Fiscal 2023 as a “stability budget” that was presented by the new Dickon Mitchell-led Congress administration.

Speaking in Parliament last Thursday, Sen. Rahaman said he felt that the 18-month old government had to come up with the budget back then in order to provide a foundation as they sought to create their own path.

“If I had to use one word to classify Budget 2023, I would say that it was a stability budget – a stability budget in hindsight because of the following – that a new government had come into power, that they had to prove themselves as many were seen as newcomers … given the opportunity to lead against the backdrop of the very experienced administration who Grenadians gave over two decades to do their best,” he said.

According to Sen. Rahaman, the NDC administration had to deal with issues that could have been addressed by the former Keith Mitchell led government.

“This administration needed to be seen as responsible stewards of our economy. Not only as the continuum of government but making the very difficult decisions that needed to be made on hard issues,” he told his Senatorial colleagues.

He noted that the difficulty for the new Dickon Mitchell-led government was the efficient and “competent” management of past issues left by the previous NNP administration.

“Importantly, the challenge they had and still have is to show that not only can they manage what they met but they can do so in a more efficient and competent manner than those that were there before,” he remarked.

The independent senator who represents the business and private sector said he was indeed pleased with the stability and growth found within the economy.

However, he revealed that although growth and stability (are) nice, the situation can be deceptive.

“…After a sharp downturn in the economy as was caused by COVID for example, it is most likely that economies will see growth as they go back to where they used to be. So as far as the private sector is concerned, stability is paramount. Stability of the economy is paramount to continued business and to investors confidence,” he said.

Sen. Rahaman suggested that regardless of who is the “captain of the ship”, stability and growth are at the forefront of the private sector in going forward.

“Growth in 2021, 4.7. Growth in 2022, 7.4. and growth in 2023, 5.5. As the economy goes back to its most modest natural growth, projected growth in 2024 is expected to slow to just under 4 percent. These are clearly not negative figures…

“So when the IMF in the November press release stated, “The Grenadian economy continues to grow robustly supported by public and private construction and sustain strong tourism activity, when they stated what we have just heard, we have no difficulty in believing them.”

The private sector representative in the Upper House emphasised that new opportunities would thrive when there is a combination of economic stability and a good dynamic between government and business.

“When there is economic stability coupled with the right attitude of government to business, creating the enabling environment for an open economy, trade facilitation, training, and service expansion, implementing measures to safeguard against shocks such as the fuel, new opportunities will flourish, Entrepreneurs will take risks.”

Reiterating the value of entrepreneurs taking risks, the Business Senator who is looking at the budget “through the lens of the private sector” explained that creating unique funding for different professionals is important.

“When there is funding and fit for purpose funding that facilitates growth instead of stunting that growth, entrepreneurs will take risk,” he said.

Referring to the 2024 budget as a “spending” budget, he stressed that due to the government’s financial growth since entering office in 2022, they will therefore spend more.

“A spending budget because the government intends to spend more than it ever did before and well if the government is earning more than they ever did before, it is expected that they will spend more than they ever did before – you have to spend money to make money.”

With the government being the “largest employer,” according to Sen. Rahaman it utilises many more goods and services.

“It is the largest consumer of goods. This budget coming in at 1.656 billion is our largest ever. It is clearly ambitious, bold and speaks about the transformation they often speak about. You can’t positively reform without doing certain things better and differently and certainly, you cannot transform without funding the transformation,” he remarked.

Sen. Rahman called for all sectors to be involved in “funding the transformation” as proclaimed by the Congress regime.

“Funding the transformation is not the government’s job alone. No, it is the job of every Grenadian and every business. We can’t just sit down and watch the government do things. We have to get up and get along as a people. What can I do? What is needed? What tool or tools do I need to buy to start my trade?”

Using the newly opened Ram’s Supermarket in the south of the island as an example of transformation, the business sector Senator praised those behind the initiative for embracing the transformation agenda.

“They have already employed over 100 Grenadians. I’m not speaking about the construction fees, I am speaking about the finishing phase of the business, the readying of that business for us, the consumer.

“The supermarket floor was done by a Grenadian. As I understand the graphics on the building which is quite a lot were done by two local graphic design companies – GrenGraphics DeSign and Design Experts Grenada Limited.”

“In my discussion with four managers on that site visit several days ago, two Grenadians and two Kittitians, two people from St. Kitts, they have provided eighty new jobs to Grenadians already. Eighty. And three managers and their families have moved to Grenada…”

Rahaman, who is the first Muslim Senator to be appointed in Grenada also highlighted the value of having highly skilled workers in the business sector.

“We will need more plumbers to service these businesses, more electricians, more highly skilled carpenters and welders and mechanics to diagnose all those and repair all those hybrids that government intends to bring in 2024 – it means we need more people to consume more good and services,” he told the Senate session.