{
  "title": "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",
  "publication": "IMF Staff Country Reports, May 24, 2016",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/grenada-staff-report-for-the-2016-article-iv-consultation-fourth-review-under-the-extended-43922",
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  "summary": "This paper features Grenada’s request for waiver of non-observance of a performance criterion, request for modification of a performance criterion, and financing assurances review. The arrangement was approved on June 26, 2014, and the third review was completed on November 25, 2015.",
  "sections": [
    {
      "heading": "Executive summary",
      "content": "- Grenada requested: waiver of non-observance of a performance criterion; modification of a performance criterion; and a financing assurances review.\n- The arrangement was approved on June 26, 2014.\n- The third review was completed on November 25, 2015.\n- Grenada’s comprehensive public debt restructuring is nearing completion.\n- The debt exchange with Grenada’s largest private creditor group was implemented.\n- An agreement was reached with Paris Club creditors.\n- Discussions focused on:\n  - completing the programmed fiscal consolidation,\n  - finalizing reforms to Grenada’s fiscal policy framework,\n  - improving competitiveness and growth prospects.\n- Staff proposes to refine the structural benchmark on public sector modernization to focus specifically on public wage bill management."
    },
    {
      "heading": "Key findings and policy implications",
      "content": "- Debt restructuring status:\n  - Comprehensive public debt restructuring is nearing completion.\n  - Debt exchange with the largest private creditor group was implemented.\n  - Agreement reached with Paris Club creditors.\n- Fiscal policy and reforms:\n  - Emphasis on completing programmed fiscal consolidation.\n  - Finalization of reforms to Grenada’s fiscal policy framework is a priority.\n  - Enhancing competitiveness and growth prospects is a core objective.\n- Public sector modernization:\n  - Staff recommends refining the structural benchmark to specifically target public wage bill management."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subjects:\n  - Asset and liability management\n  - Debt restructuring\n  - External debt\n  - Fiscal policy\n  - Public debt\n  - Public financial management (PFM)\n- Keywords:\n  - 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\n\n---\n\n Content in this bundle\n\n- cr16133\n  - cr16133 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr16133 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: May 24, 2016",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484365700.002",
    "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:",
    "Staff proposes to refine the structural benchmark on public sector modernization to focus specifically on public wage bill management.",
    "Public sector modernization:",
    "Subjects:",
    "Keywords:",
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