Prime Minister Hon. Tillman Thomas today described the historic 2012 budget as “realistic, positive and fair” and a “fair account to the Grenadian people”. In giving his support to the one billion dollar budget, the Prime Minister said the package, provided “foresight and vision” by putting the people first. He said it laid the foundation for Grenada’s economic development. “We are going in a positive direction, we are on the path of recovery. That is why we need the cooperation of all stake holders,” the Prime Minister told Parliament in a wide ranging review of areas under is responsibility. He said his government’s approach to the “new economy is not about borrowing or begging. It is about PRODUCING OUR WAY OUT of poverty.” “The new economy represents the very essence of our determination to make Grenada a qualitatively better place for all. Unless our economy begins to produce at highly efficient and competitive levels, Grenada will struggle to fulfill its great promise as an independent nation,” the Prime Minister declared. The Prime Minister welcomed the government’s investment in the development of Grenada’s Human Resource through initiatives in education, including the free school books programme, scholarships and financial support to students. He point out that EC $146,880 were reimbursed to students who passed more than 8 subjects at ‘O’ Level in 2010. In addressing the Taiwan debt situation, the Grenadian leader told Parliament that “negligence” on the part of the former New National Party (NNP) administration, resulted in Grenada being saddled with the current burden. “If there were no judgments, there would have been room for negotiations and rescheduling,” he told the House of Representatives. Grenada continues to utilise diplomatic and legal channels to address the Taiwan debt situation.