It has been reported that Grenada Government has signed a letter of intent with the International Monetary Fund (IMF), as part of the island’s 3-year “home grown” structural adjustment programme. A senior government official confirmed to the media in St. George’s about the signing.
The involvement of the IMF these developments was demanded by a group of Grenada’s creditors, who has not been paid in over a year, following the government’s decision, early in 2013, to default on payments of money owed to them.
Grenada’s Prime Minister, Dr. Keith Mitchell told a town hall meeting recently the commitment paves the way for Grenada to receive
millions of dollars in assistance from the Fund, in an effort to stabilize the Grenadian economy and restore growth.
News source: barnaclegrenada.com