The Government of Grenada is poised to receive US$2.7 million in disbursement funds from the Washington-based International Monetary Fund (IMF) on December 22, under the three-year Structural Adjustment Programme (SAP), which is into its final year.
This was disclosed by Prime Minster and Minister of Finance Dr. Keith Mitchell while delivering his EC$1, 100, 578, 144 Budget for the upcoming fiscal year to the nation last week Friday.
The Prime Minister said the disbursement follows the IMF’s approval of the Fifth Review of the country’s SAP earlier this month.
Dr. Mitchell told a joint sitting of the House of Representatives, that his government expects additional disbursements from the fund and the European Union to the tune of EC$28 million in 2017.
Additionally, Dr. Mitchell said, the Board of Governors of the Caribbean Development Bank (CDB) has also approved US$10 million in budgetary support for Grenada at a meeting held last week Thursday.
He said the World Bank’s Board was expected to meet on December 16 to consider approving US$9.4 million in budgetary support for Grenada.
He also revealed that “the country 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.”
According to Dr. Mitchell, government has already received “$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.”
He said the sixth and final review of the Home-Grown Programme is expected to be completed in June 2017.
Grenada was forced to address a severe fiscal situation in 2013 that was brought on by high debt payments – most of it created during the 1995-2008 rule of the country by Dr. Mitchell’s New National Party (NNP) administration.