IMF prescription for Grenada?
The Grenada government Wednesday said it intends to sign an agreement with the International Monetary Fund (IMF) on measures aimed at dealing with the island’s high debt level.
Prime Minister Dr. Keith Mitchell, whose New National party (NNP) came to office in the February general elections, said he would be addressing the nation on the issue. He gave no date for the address, but the accord with the IMF is likely to be signed in October.
An IMF delegation has ended a 10-day visit here, but there has been no official announcement regarding the outcome of the visit.
However, prior to the arrival of the team, the Mitchell administration issued a statement stating it had invited the Washington-based financial institution to assess the current economic situation in the country.
Grenada is discussing a formal arrangement with the IMF and while here the delegation, headed by Aliona Cebotari, focused on the fiscal performance of the country for 2013 as well as the proposed debt restructuring programme.
“Government’s plans and priorities for the New Economy, including growth and job creation and projections and reforms for the medium term 2014 – 2016,” was also examined according to the statement.
Mitchell, who is also Finance Minister, told reporters that government would inform the population about the IMF recommendations before his administration signs the agreement.