Grenada is to receive EC$2.7 million from the International Monetary Fund (IMF) after the Washington-based financial institution approved the island’s fifth review of its reform programme, Prime Minister Dr. Keith Mitchell has said.
Mitchell told Parliament that the disbursement is expected by December 22.
He said in addition, the board of directors of the Barbados-based Caribbean Development Bank (CDB) had approved US$10 million in budgetary support for Grenada and that the World Bank’s Board is expected to meet on December 16, to consider approval of US$9.4 million in budgetary support for the island.
“Grenada stands to receive EC$60 million in additional budgetary support before the end of this year or by early January 2017, based on the strong performance of our Home Grown Reform Programme,” Mitchell said as he delivered the EC$1.1 billion budget to Parliament on Friday.
He said Grenada has already received EC$192.9 million in direct financial support since the start of the Programme in 2014, some of which are grants or monies which do not require payback.
Mitchell said that the sixth and final review of the Home-Grown Programme, which has been endorsed by the IMF, will be completed around June 2017.
“For 2017, we expect additional disbursements from the International Monetary Fund and the European Union to the tune of EC$28 million,” he said.
Mitchell told legislators that Grenada is continuing to “make steady progress” in regularizing relations with all of its creditors.
He said on account of the debt restructuring, Grenada has a received stock reduction of EC$200.3 million as at the end September, 2016 and that a further EC$158.3 million is expected upon successful completion of the Home-Grown Programme in 2017.
“Furthermore… the cost saving in terms of debt service payments is calculated at EC$481.3 million,” he said, adding “in essence…our wisdom, courage and sacrifice to implement the Structural Adjustment Programme means we will not have to pay back over EC$839.9 million.
“Over time, these funds will be used to invest in our people’s health, education and other services,” Mitchell said, noting that Grenada is well on its way to restoring full credit worthiness.
“We place on record our sincere appreciation to all our creditors for the debt relief provided,” he said.
Source: antigua observer
GRENADA TO RECEIVE IMF FUNDS
Stallion and Gabe, the less interest our government put into encouraging self reliance and self sufficiency, the more dependent and succumb the country,s economy to the IMF and international financial institutions. And yes, no one puts a gun to his head. However, if he does not seek international assistance, then you guys would blame him for not doing enough.
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By: The Observer 1/2/2017 7:42:16 PM
he is seeking international assistance with no plan or method of paying it back. that why when they do these things they hamstring the other party coming into office. they should borrow responsibly.
By: stallion 1/5/2017 11:38:09 AM
observer i disagree. no one hold a gun to the prime minister head to make him sign a document. he did it on his own free will because of greed.
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By: stallion 1/2/2017 9:11:00 AM
It's a shame that no one is paying attention at the wheel. PM Mitchell is able to attract findings from the European Union, IMF and other financial institutions because he has conceded to the demands of the LBGT...abolishing the sodomy law. Thus secretly making it legal for the LBGT to promote their agenda. Unfortunately, since these financial institutions are dominated by members of the LBGT, the PM had no other options but to succumb. Didn't the PM state that Grenada may not have ti repay over 800 million dollars in loan and grant. It's a deal made between the people and the devil.
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By: The Observer 12/31/2016 10:50:37 PM
mr mitchell all i hear from you is lies after lies. you promised when you took office to clean up after ndc. but you are borrowing to pay back debt. i am no expert but if you do these things you sink deeper in debt. if i can remember the ndc were trying to pay off debt while trying to be fiscally responsible. as i said before if ndc had better leadership they would be in power today.
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By: stallion 12/17/2016 10:01:31 AM
Stallion now you are kicking like a STALLION,Power to you my bro.i just wish most Grenadians would wake up and smell the coffee and realise that we are sinking deeper and deeper into into a cesspit of borrowing being describe by our Pm and his government as grants, now tell me which government or money agencies gives a small country like Grenada I BILLON Dollars Grant with no pay back maybe Donald Trump.
By: gabe 12/19/2016 11:28:48 AM
bro gabe i agree. sometimes we have to put aside politics and do what is right for the country.and you right how can you borrow the country a billion and with no plan on paying back? something smell rotten here. mr mitchell can you level with the people about your plans for paying back? or maybe you assume you will lose the next election and the next government will have to fix it. doctor keith you are losing all credibility every passing day.
