Grenada prime minister to hold talks with IMF, World Bank
Prime Minister Dr. Keith Mitchell is expected to lead a two-member team to the United States for talks with the World bank and the International Monetary Fund (IMF).
A government statement said that the April 9-12 meeting will among other things examine Grenada’s development agenda as well as the rest of the region.
“In particular, both financial institutions will be discussing taking to their board, sometime in May, the issue of the monies that we are expecting to flow to us in this country as a result of the implementation of the Structural Adjustment Programme,” the statement noted.
Last month, the IMF said it had 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.
As a result of the IMF agreement, the government has said it would also be able to secure US$100 million in soft loans and grant funding from regional and international lending agencies.
“We believe from all of the communication we have had from both institutions, inclusive of the Caribbean Development Bank as well and the European Union, that between May and June we should start receiving and feeling the effect of the funding that was promised to us,” the statement quoted a senior government official as saying.