What Does The IMF Think Of Grenada’s Progresss of the Home Grown Programme?

Grenada

A delegation from The International Monetary Fund (IMF) has wrapped up a one-week visit to St. George’s, Grenada after assessing the progress of Grenada’s Home Grown Programme. Ms. Aliona Cebotari, the IMF Mission Chief for Grenada says economic recovery is well underway in Grenada and growth outlook is positive.

“Grenada has made a strong start in implementing its Home Grown Programme. The fiscal consolidation is on track and all quantitative performance criteria for end-June were met,” said Cebotari during a news conference Wednesday.

“The economic recovery is slowly taking hold and the growth outlook remains broadly in line with the program, while inflation has been lower than expected. The fund says economic growth will be more than one percent this year and is anticipating that Tourism and Agriculture will play major roles in this growth. Cebotari says the IMF is also expecting that prices will continue to fall. “For 2014, as a whole, we expect growth to be over one percent in line with the programme, we had 1.1 percent in the programme,” the Mission Chief said.

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“On the other hand, inflation was more moderate than we expected under the programme. For 2014, as a whole, we expect prices to be on average lower than last year.”

IMF Mission Chief, Aliona Cebotari, has credited the Keith Mitchell government for creating the three-year reform programme which has been applauded by the Washington based institution.

“The government has put together its reform programme. They found the solutions as to how to get out of the current crisis,” Cebotari said.

“We supported it.. we discussed [it] all along, of course, but we got together and we supported the measures that the government found”.

Cebotari’s statements are expected to dismiss claims that the IMF was responsible for designing Grenada’s programme.