Grenada : Fifth Review Under the Extended Credit Facility, Request for Modification of Performance Criteria, and Financing Assurances Review-Press Release; and Staff Report

Author/Editor:

International Monetary Fund. Western Hemisphere Dept. ; International Monetary Fund. Western Hemisphere Dept.

Publication Date:

December 21, 2016

Electronic Access:

Free Full text (PDF file size is 1510 KB).Use the free Adobe Acrobat Reader to view this PDF file

Summary:

The arrangement was approved on June 26, 2014 and the fourth review completed on May 18, 2016. Disbursements equivalent to SDR 10.04 million (about US$14.3 million) have been made to Grenada so far under the arrangement and the equivalent of SDR 2 million (about US$2.9 million) will be made available upon Executive Board completion of the Fifth Review. Grenada’s comprehensive public debt restructuring is nearing completion. Agreements implementing the 2015 Paris Club Agreed Minute were signed with two creditors and the authorities have reached agreement with a domestic bank holding T-bills and government-guaranteed debt. Overall program implementation remains solid. All quantitative performance criteria for the Fifth Review were met. There have been delays with some of the structural benchmarks, but corrective actions have been taken. The authorities advanced reforms to strengthen tax administration, improve public finance management, and strengthen the business environment.

Series:

Country Report No. 16/389

Subject:

English

Publication Date:

December 21, 2016

ISBN/ISSN:

9781475546569/1934-7685

Stock No:

1GRDEA2016002

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

82

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