ST GEORGE’S, Grenada -- The government of Grenada has reported significant progress in its discussions with the International Monetary Fund (the Fund), which concluded a mission to Grenada on September 13, 2013.
The Fund has agreed to support Grenada in its “home grown programme” of fiscal adjustment and structural reforms. At this stage, the discussions have not yet been completed.
It is expected that these discussions will conclude in October 2013, when the prime minister and minister of finance attends the annual IMF/World Bank meetings in Washington DC. After reaching agreement, the minister of finance will issue a formal letter of intent to the IMF. Subsequent to receipt of this letter, Grenada’s programme will be considered by the IMF’s executive board.
In addition to government, the Fund team met with stakeholders, including the Grenada Industrial Development Corporation (GIDC), the churches, private sector, trade unions and non-governmental organisations.
At the wrap up session of the mission the following development partners were present: the International Monetary Fund (IMF); the World Bank; the Caribbean Development Bank (CDB); the European Union (EU); the Eastern Caribbean Central Bank (ECCB); and the Department for International Development (DfID). They all pledged their support for Grenada in respect of both technical and financial support for a successful programme.
Although not yet finalised, the government and IMF have both agreed that the poor and vulnerable will be protected by ensuring that safety nets are maintained.
The government will continue its consultations with various stakeholders over the next few weeks as it finalises the programme.