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International financial support ready to flow, says Grenada PM
Published on June 27, 2014 Email To Friend    Print Version

ST GEORGE'S, Grenada (GIS) -- Prime Minister Dr Keith Mitchell says that international monetary support for Grenada’s home grown program of structural adjustment and fiscal reform is ready to flow.

Prime Minister Dr Keith Mitchell
Mitchell indicated during a constituency forum that the financial support promised by the International Monetary Fund (IMF) will be disbursed days after its meeting on June 26.

He said that the initial disbursement is expected before the end of the month.

“From all indications we expect a positive adoption of the Grenada programme,” Mitchell told the gathering.

“When I asked how soon we can expect resources; they say two to three days after you will receive the first tranche that was promised,” he said.

He indicated that more financial assistance is also coming from the World Bank and the European Union (EU), whose boards are also meeting in July to endorse the programme.

“The World Bank had promised to give us US$10 million a year for the three years of the program; but because of what they have noticed -- the significant steps that government has taken to correct the situation -- instead of giving us US$10 million, they say they will now give us US$15 million, which is approximately EC$40 million; and that will come very soon to this country,” Mitchell stated.

More financial support is also expected in July from the Caribbean Development Bank and the European Union.

“The Caribbean Development Bank has already indicated a positive endorsement of our programme; and they will release US$10 million, which approximates to almost EC$27 million,” Mitchell said, indicating that support is also assured from the European Union, which is providing grant support of a significant nature.

“In other words, the programme will result in significant cash to the country that is a big positive,” he said.

Mitchell claimed that more financial assistance is also earmarked for Grenada in development assistance.

“In addition to the cash, there will be at least US$100 million for development activities. We will be getting significant development assistance, which goes to the heart of growth and development in the country,” he said.
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