GRENADA – In an address to the first Heads of Missions meeting since the National Democratic Congress (NDC) administration took office, Prime Minister Tillman Thomas informed diplomats that the country is experiencing tough economic times and that they need to work diligently in their respective missions with a view to bringing much needed assistance to the country at this time. According to Prime Minister Thomas, the first quarter of 2009 has shown a decrease by 25% in the revenue collected from the customs and Excise departments. Monies collected from that department accounts for approximately 50% of the country’s total revenue. The Prime Minister also pointed out that there was a slowdown in tourism development which is believed to have affected the country to the tune of US$700M. There has also been a decline in tourist arrivals, a loss of some jobs in the tourism sector as well as in other areas of the economy and an estimated 20% decrease in remittances from abroad. This is happening at a time when bank liquidity is tightening; there is a marked slowdown in the growth of deposits and an increase in non-performing loans. The diplomats were also informed that the cost of living is high – especially in the areas of food prices and transportation – and all social partners are having difficulties meeting their financial obligations. INSIDE GRENADA NEWS