The Government of Grenada advised noteholders that it has completed payment of the semi-annual September coupon of its US Dollar 2025 Bond through its Paying Agent. Having made this payment within the grace period, Grenada has not defaulted on the 2025 Bond.
On September 12, 2012, the Government of Grenada issued a Notice to Noteholders of its US Dollar 2025 Bond through its Paying Agent, BNY Mellon.
The Notice indicated that Government was experiencing liquidity constraints but would make every effort to pay the coupon by October 15, 2015, the final day of the grace period for the payment of the September coupon on the 2025 Bond.
Despite the difficult circumstances, efforts to secure the necessary funding were successful.
Grenada is a small country dealing with the effects of the challenges experienced by the global economy including lower growth, lower tourism expenditure and lower foreign direct investment. Nonetheless, it continues to make every effort to meet its obligations.
Furthermore, the Government of Grenada continues to implement an ambitious agenda of reforms including improvement in the business and investment climate. Indeed, Grenada was recognised as one of the top ten reformers worldwide by the International Finance Corporation in its 2011 Ease of Doing Business Report.
Moreover, Government has articulated a vision for transforming the Grenadian economy through new drivers of growth including Health, Wellness and Education Services, Energy and ICT.
(The above was submitted by the Ministry of Finance, Planning, Economy, Energy & Cooperatives)