IMF Deal With Grenada This week?

ST. GEORGE’S, Grenada, Jun 23, CMC – The Grenada government says it expects to receive US$21.9 million from the International Monetary Fund (IMF) by the end of this month under the structural adjustment progarmme it has with the Washington-based financial institution.

A government statement said that the Keith Mitchell administration is expecting to receive US$100 million over the next year from various donor agencies for a number of development projects on the island.

It said the IMF board will meet on Thursday where it is expected to approve Grenada’s three-year economic revival programme.

“There is already a staff-level agreement between Grenada and IMF on the package. Subsequently, the required letter of intent was signed on June 12,” the government statement said.

The Mitchell administration has embarked on a three-year programme that is aimed at turning around an ailing economy and reducing the island’s high debt that is estimated at more than two billion EC dollars (One EC Dollar = US$0.37 cents) and low growth.

Story Courtesy:  cananewsonline.com