Grenada: Staff Report for the 2016 Article IV Consultation, Fourth Review Under the Extended Credit Facility, Request for Waiver of Non-Observance of a Performance Criterion, Request for Modification of a Performance Criterion and Financing Assurances Review-Press Release and Staff Report
IMF Staff Country Reports, May 24, 2016
Source details
- Canonical URL
- Grenada: Staff Report for the 2016 Article IV Consultation, Fourth Review Under the Extended Credit Facility, Request for Waiver of Non-Observance of a Performance Criterion, Request for Modification of a Performance Criterion and Financing Assurances Review-Press Release and Staff Report
Other formats
Bibliographic details
- Published: May 24, 2016
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484365700.002
Executive summary
- Grenada requested: waiver of non-observance of a performance criterion; modification of a performance criterion; and a financing assurances review.
- The arrangement was approved on June 26, 2014.
- The third review was completed on November 25, 2015.
- Grenada’s comprehensive public debt restructuring is nearing completion.
- The debt exchange with Grenada’s largest private creditor group was implemented.
- An agreement was reached with Paris Club creditors.
- Discussions focused on:
- completing the programmed fiscal consolidation,
- finalizing reforms to Grenada’s fiscal policy framework,
- improving competitiveness and growth prospects.
- Staff proposes to refine the structural benchmark on public sector modernization to focus specifically on public wage bill management.
Key findings and policy implications
- Debt restructuring status:
- Comprehensive public debt restructuring is nearing completion.
- Debt exchange with the largest private creditor group was implemented.
- Agreement reached with Paris Club creditors.
- Fiscal policy and reforms:
- Emphasis on completing programmed fiscal consolidation.
- Finalization of reforms to Grenada’s fiscal policy framework is a priority.
- Enhancing competitiveness and growth prospects is a core objective.
- Public sector modernization:
- Staff recommends refining the structural benchmark to specifically target public wage bill management.
Subjects and keywords
- Subjects:
- Asset and liability management
- Debt restructuring
- External debt
- Fiscal policy
- Public debt
- Public financial management (PFM)
- Keywords:
- Caribbean, CR, debt, Debt restructuring, debt restructuring agreement, fiscal policy framework, Global, Grenada, ISCR, labor market skill, public finance, public finance management, real GDP, restructuring agreement