- GEORGE’S, GRENADA, Thursday, June 02, 2016The Government of Grenada is pleased with the announcement by the International Monetary Fund (IMF) of the successful completion of the fourth (4th) performance review of Grenada’s Home Grown Programme, which is supported by regional and international partners.
This successful review, which was concluded by the IMF’s Executive Board on May 18th, 2016, has triggered a disbursement of UDS$2.8M for Grenada, bringing the total IMF disbursements under the Programme so far, to USD$14.1M.
Since the start of the Programme, Grenada has received in excess of USD$70M in financial and technical support from the IMF, World Bank (WB), Caribbean Development Bank (CDB), European Union (EU) and other partners.
According to the IMF’s official news release: “The Grenadian authorities continue to deliver a strong track record of program implementation and results.
Executive Directors welcomed the strong economic recovery and the significant improvements in fiscal and external balances and debt reduction. Directors commended the authorities for steadfast implementation of their home-grown program, notably the successful fiscal consolidation.”
They further noted that:
– Growth prospects and fiscal sustainability are improving.
– Real GDP for 2015 is estimated to have expanded by 4.6% with strong growth in agriculture and tourism.
– Construction is rebounding.
– Growth for 2016 is projected at 3%.
– The primary balance has now changed from a deficit to surplus for the first time in a decade.
– The debt-to-GDP ratio declined from 107% in 2013 to 94 % in 2015 and is projected to continue its downward path going forward.
Prime Minister and Minister of Finance, Dr. the Rt. Hon. Keith Mitchell, on learning of this good news said: “This latest achievement is a clear indication that the Homegrown Programme is bearing fruit and the economy is growing again. It is our courage, shared sacrifice and hard work that have made these achievements possible.
Our sacrifices are now being recognized and rewarded and as a consequence, more financial assistance is coming to Grenada.
I thank all Grenadians, especially our Social Partners who have engaged Government in sustained and meaningful dialogue about the development of our country. Grenada is receiving significant financial and technical assistance because we have demonstrated courage and a determination to do the right things together.
I am happy to say that Grenada is on the right track and headed in the right direction.”
The fifth (5th) Review of the Programme is scheduled for late August/early September 2016 and this Review will cover the period January to June 2016. From all indications, all is on track for yet another successful review since the targets for this period have so far been met.