Grenada’s Ministry of Finance has reported a significant revenue shortfall of over EC$90 million for the first four months of 2025, compared to the same period last year — a decline largely attributed to reduced inflows from the Citizenship by Investment (CBI) programme.
According to figures released in the ministry’s April 2025 fiscal report, government revenue stood at EC$412.2 million between January and April, compared to EC$505 million collected during the same period in 2024.
The most pronounced dip came from the CBI programme, which earned the government EC$69.4 million so far this year, a steep drop from EC$160.9 million recorded in the corresponding period last year — marking a decline of EC$91.5 million. Despite the plunge, the CBI earnings exceeded the Ministry’s own projection of EC$61.7 million for the period.
As of January 2023, the Ministry began classifying all CBI inflows as non-tax revenues. These were previously categorized as grants, which partly explains the notable impact on the non-tax revenue category this year. “Current revenue collections fell short of projections, mainly due to a decline in non-tax miscellaneous revenues,” the report stated.
Other revenue streams showed more stability. Customs and Excise collections reached EC$156.7 million, exceeding both the projected EC$151.9 million and the EC$149.2 million collected in the first four months of 2024. The Inland Revenue Department (IRD) brought in EC$169.3 million, slightly down from EC$171.7 million over the same timeframe last year.
Despite recording overall and primary deficits of -EC$25.6 million and -EC$21.8 million respectively in April alone — both surpassing the ministry’s monthly targets — the fiscal report maintained that for the January to April period, Grenada’s fiscal position “remained well within the established targets.”
The full report is available on the official website of Grenada’s Ministry of Finance.
