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12/15/2014 
IMF APPROVES US$2.9 MILLION DISBURSEMENT TO GRENADA  
The executive board of the International Monetary Fund (IMF) on Friday completed the first review of Grenada’s economic performance under a three-year program supported by an arrangement under the extended credit facility (ECF). The completion of the review enables the disbursement of SDR 2 million (about US$2.9 million), bringing total resources made available to Grenada under the arrangement to SDR 4.04 million (about US$5.9 million). The ECF arrangement in the amount of SDR 14.04 million (then about US$21.7 million, or 120 percent of Grenada’s quota at the IMF) was approved by the executive board on June 26, 2014. Following the executive board’s discussion on Grenada, Min Zhu, deputy managing director and acting chair, said: “The Grenadian authorities are implementing their Fund-supported economic program with great resolution. Fiscal consolidation is underway, structural reforms are advancing, and negotiations with creditors on public debt restructuring are progressing. While the economy is showing signs of recovery, it remains subject to significant risks. Continued strong commitment to the program, supported by all stakeholders, will be critical to boost Grenada’s growth prospects. “Immediate priorities are to restore fiscal and debt sustainability, and bolster competitiveness. The planned fiscal consolidation will help meet the fiscal objectives for 2014-15, while protecting the most vulnerable. However, continued adjustment effort and strong implementation is needed to achieve the program’s primary surplus targets. In addition, a comprehensive restructuring of public debt will be essential to return public debt to sustainable levels. “Reforms to the institutional framework for fiscal policy will be critical to support sound policies, going forward. Priority should be given to implementing the new public financial management legislation, introducing fiscal responsibility legislation, finalizing reforms of public institutions outside the central government, reforming the tax incentive regime, introducing a framework for sustainable management of citizenship-by-investment receipts, and improving the tax and customs administration. “The legislative underpinnings of the authorities’ growth-enhancing strategy have been put in place. However, stronger reforms will be needed to improve competitiveness and longer-term prospects. A focus on the implementation of the investment framework and on the reform of the regulatory framework for the energy sector could yield important gains. Social protection programs should also be strengthened to ensure more inclusive growth. “Advancing the regional strategy to strengthen the banking system, coordinated by the Eastern Caribbean Central Bank, remains essential to securing financial stability and efficient intermediation.” Source: carib news
 

 


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IMF APPROVES US$2.9 MILLION DISBURSEMENT TO GRENADA  
Well yet another US 2.9 Million in the hands of our Home grown structural adjustment admin.stakeholder (TheKcm Government) now with christmas at our door will the handouts begin to flow,will his supporters be rubbing their hands because the Turkey is coming home ,but will they stop to think that this money is not a Christmas present that you give to someone without expecting anything in return,if fact this is part of an ongoing LOAN with severe and strident cuts due to come into force within the next year(look at the last budget) and we should never be far from the fact that this money/loan has to be paid back for the IMF/and the World banks is not in the business of giving out money for nothing brothers and sisters of our lovely Grenada, there is a pay back time big time so we eat now and pay later,and could this be the reason why words on the street is that KCM is putting the word out about he looking for some one to take over from him. Just asking. Grenada nice so
230By: gabe
12/16/2014 7:46:44 AM
Bro. Gabe, as long as we continue to import more than we export, neglect locally produced food and other products, offer locally made goods and services at excessive high prices than what is imported, rely on the tourist industry as the main source revenue..Grenada would continue to be enslaved and subjected to conditions set by the IMF.Jamaica is unfortunate because it consumes and imports more than it produces. On account of the latter, it has been forced to succuumb to whatever economic conditions set forth by the IMF. Our only solution to avoiding IMF stiffling conditions is to encourage engage the people to self sufficiency.
By: the observer
1/3/2015 7:53:32 PM
Brother Observer festive seasons Greeting to you and welcome back to the forum,Grenada and her people needs your positive contribution for and against in this political and financial straight jackets hard time of ourpeople is now experiencing.
By: gabe
1/5/2015 7:20:42 AM
Bro. Gabe. Thanks for the facts. It's good to tell the truth even though it hurts. Grenadians should take a serious look at the IMF/Jamaica problem. Unfortunately Grenadians allowed the great Doctor to fool them again and again. Lord put ah hand.
By: Joe
12/29/2014 3:13:08 PM