THIS IS FROM CANA NEWS IMF loan for Grenada 15/03/2014 06:19:00 IMF loan for Grenada ST. GEORGE’S, Grenada, Mar 15, CMC – The International Monetary Fund (IMF) says it has reached agreement with the Grenada government for a three-year US$21.9 million Extended Credit Facility to support an “ambitious programme” to correct the island’s fiscal imbalances and lift sustainable growth. “The agreement reached with the authorities is subject to approval of the IMF’s Executive Board and is contingent upon the timely completion of prior actions to be taken by the Grenadian authorities and obtaining the necessary financing assurances,” said Aliona Cebotari, IMF mission chief to Grenada. She said the main objectives of the programme are to restore fiscal and debt sustainability, boost long-term growth through structural reforms, and safeguard the resilience of the financial sector. “The cornerstone of the programme is a strong fiscal adjustment focused on curbing current spending and widening the revenue base, while maintaining space for infrastructure spending and social safety nets. “The fiscal adjustment will be complemented by a comprehensive debt restructuring, which will aim to secure meaningful debt reduction, address financing shortfalls, and put Grenada’s public debt firmly on a downward path towards the Eastern Caribbean Currency Union (ECCU) regional target of 60 per cent of GDP by 2020.” The IMF official said that the support from official and private creditors for the debt restructuring will be critical for the country’s return to fiscal sustainability. She said ambitious public financial management reforms will support the durability of the adjustment.
Posted on: Sun, 16 Mar 2014 12:45:00 +0000
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