GRENADA-FINANCE-Government adopts new financial measure.

ST. GEORGE'S -- The Grenada government Tuesday successfully tabled legislation adopting a new financial system that will result in a fiscal report outlining the status of the island's financial situation being provided after every general election.

The Dickon Mitchell government is making several amendments to the 2015 Public Finance Management Act introducing the financial report be presented immediately at the first sitting of the new Parliament following the general election.

Leader of Government Business, Phillip Telesford, who is also the Minister for Social Development, Social Security and Housing, explained that the report shall be prepared and be submitted to Parliament.

The post-elections report according to the legislation shall comprise an updated macroeconomic forecasts and assumptions from the medium-term economic and fiscal strategy or mid-year review report, whichever is the most recent.

It also allows for an updated fiscal information including government revenue outturn and forecasts for the current year and the next two fiscal years, government's expenditure outturn and forecasts for the current year and the next two fiscal years including for recurrent and capital expenditure.

The report will also provide a primary balance forecast for the current fiscal year and for the next two fiscal years, the outstanding stock of public debt, an update of the fiscal risk position compared to the fiscal strategy...