Grenada set to receive IMF funds

ST. GEORGE’S, Grenada, CMC – Grenada is to receive EC$2.7 million (One EC dollar =US$0.37 cents) from the International Monetary Fund (IMF) after the Washington-based financial institution approved the island’s fifth review of its reform programme, Prime Minister Dr. Keith Mitchell has said.

Mitchell told Parliament that the disbursement is expected by December 22.

He said in addition, the board of directors of the Barbados-based Caribbean Development Bank (CDB) had approved US$10 million in budgetary support for Grenada and that the World Bank’s Board is expected to meet on December 16, to consider approval of US$9.4 million in budgetary support for the island.

“Grenada stands to receive EC$60 million in additional budgetary support before the end of this year or by early January 2017, based on the strong performance of our Home Grown Reform Programme,” Mitchell said as he delivered the EC$1.1 billion budget to Parliament on Friday.

He said Grenada has already received EC$192.9 million in direct financial support since the start of the Programme in 2014, some of which are grants or monies which do not require payback.

Mitchell said that the sixth and final review of the Home-Grown Programme, which has been endorsed by the IMF, will be completed around June 2017.

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