NO. 72/2017 DATE: 17th November, 2017
ADDITIONAL US$58 MILLION IN DEBT REDUCTION
St. George’s, Grenada, 17th November, 2017: The Government of Grenada announced today that creditors holding its US$ and EC$ Bonds due 2030 have cancelled a further 30% of the nominal amount outstanding under these instruments. This additional principal write-off of US$58 million for the two bond combined—or 5% of Grenada’s Gross Domestic Product (GDP)— completes the 50% principal reduction agreed as part of the country’s commercial debt exchange in November 2015.
As per the terms and conditions of the US$ and EC$ bonds due 2030, the additional debt write-off announced today was triggered by Grenada’s successful completion, in May 2017, of the sixth and final review under its Extended Credit Facility (ECF) from the International Monetary Fund (IMF). It marks the second and final instalment of debt reduction agreed between Grenada and its bondholders in November 2015.
The Prime Minister and Minister of Finance of Grenada, Dr. the Rt. Hon. Keith Mitchell, said, “Today’s write-off is incredibly important for Grenada. It not only allows us to reduce our debt-to-GDP ratio down to almost 70% from a level of over 108% at the point at which my administration took office, but it also highlights—quite vividly—the good that can come when a country comes together and shows resolve in pushing through tough but much-needed reforms. I wish to thank our creditors for their support for Grenada as it works to transform its future.”
The successful completion of the ECF also paves the way for an additional principal reduction of over US$1 million, to be effected in December 2017, in relation to the restructured indebtedness owed to the Republic of China Export-Import Bank.
As stated in the IMF’s sixth review of Grenada’s ECF, the country exceeded its overall fiscal correction target for the life of the program by 1.5% of GDP, and is forecast to reduce its public debt-to-GDP ratio to 60% by end-2019, well ahead of the regional target date of 2030.
426 GOVERNMENT FINALISING LOAN AGREEMENT WITH GCNA FOR DISBURSEMENT OF CABINET APPROVED FINANCIAL PACKAGE
386 TRAINING IN CONFLICT RESOLUTION FOR INLAND REVENUE AND CUSTOMS AND EXCISE DIVISIONS HAILED A SUCCESS
339 GRENADA TO DRAFT A COUNTRY PROGRAMME TO ACCESS CLIMATE FINANCE UNDER THE GREEN CLIMATE FUND (GCF)
315 INCREASED INVESTOR CONFIDENCE IN GRENADA LEADS TO OVER-SUBSCRIPTION OF EC.56 MILLION IN TREASURY BILLS
214 VALIDATION WORKSHOP: DIAGNOSTIC ASSESSMENT OF THE CONSUMER PROTECTION LANDSCAPE IN THE OECS REGION
204 NEW CUSTOMS OFFICERS RECEIVE TRAINING IN MONITORING AND CONTROL OF TRADE IN OZONE DEPLETING SUBSTANCES (ODS)
200 GRENADA TO BENEFIT FROM REGIONAL DEMONSTRATION PROJECT FOR THE REFRIGERATION AND AIR-CONDITIONING SECTOR
197 OECS COUNTRY MISSION TO UNDERTAKE DIAGNOSTIC ASSESSMENT ON CONSUMER AFFAIRS LANDSCAPES IN MEMBER STATES
196 ENERGY DIAGNOSIS AND POLICY EVALUATION WORKSHOP AS GRENADA MOVES FORWARD IN DEVELOPING NATIONAL ENERGY PLANNING GUIDELINES
84 Government to meet with Public Sector Unions to discuss new protocol for Statutory Bodies and State Owned Enterprises
58 November 3, 2014 - DISCUSSION OF DRAFT SCOCIAL COMPACT ON GBN TELEVISION – TUESDAY NOVEMBER 4TH, 2014
54 September 25, 2014 - LOCAL TEAM MEETING HELD FOLLOWING THE UN CONFERENCE IN SMALL ISLAND DEVELOPING STATES (SIDS), SAMOA SEPTEMBER 1-4, 2014
53 September 25, 2014 - LOCAL TEAM MEETING HELD FOLLOWING THE UN CONFERENCE ON SMALL ISLAND DEVELOPING STATES (SIDS), SAMOA SEPTEMBER 1-4, 2014
50 September 18, 2014 - THE NOU TO RECOGNISE INTERNATIONAL DAY 2015 BUDGET PREPARATION MOVING INTO HIGH GEAR
48 September 12, 2014 - THE NOU TO RECOGNISE INTERNATIONAL DAY FOR THE PRESERVATION OF THE OZONE LAYER
47 September 12, 2014 - THE NOU TO RECOGNISE INTERNATIONAL DAY FOR THE PRESERVATION OF THE OZONE LAYER
37 June 30, 2014 - JUNIOR OFFICERS OF CUSTOMS AND EXCISE DIVISION PARTICIPATE IN BASIC TRAINING COURSE
36 June 30, 2014 - JUNIOR OFFICERS OF CUSTOMS AND EXCISE DIVISION PARTICIPATE IN BASIC TRAINING COURSE
24 April 24, 2014 - NOU AND GRENCASE COLLABORATES TO PROVIDE TRAINING IN REFRIGERATION AND AIR-CONDITIONING FUNDAMENTALS
21 April 1, 2014 - GOVERNMENT AND PUBLIC SECTOR UNIONS COMMENCE TALKS ON MEMORANDUM OF UNDERSTANDING FOR HOME-GROWN PROGRAMME OF FISCAL ADJUSTMENT AND REFORMS
20 April 1, 2014 - REGISTRATION OF LICENSED NON-BANK FINANCIAL INSTITUTIONS IN COMPLIANCE WITH FATCA
19 March 27, 2014 - GOVERNMENT AND DIGICEL SIGN AGREEMENT FOR INSTALLATION OF ELECTRONIC TRACKING SYSTEM DEVICES IN ALL GOVERNMENT VEHICLES
15 March 6, 2014 - GRENADA TO HOST ENERGY FOR SUSTAINABLE DEVELOPMENT (ESD) PROJECT INCEPTION MEETING
11 February 26, 2014 - 3RD INSTALLMENT OF RETROACTIVE PAYMENTS TO PUBLIC OFFICERS AND TEACHERS DEFERRED
10 February 25, 2014 - GRENADA CUSTOMS AND EXCISE DIVISION ANNUAL AWARD AND RECOGNITION CEREMONY, 2014
8 February 12, 2014 - COMMITTEE OF SOCIAL PARTNERS MOVING STEADFASTLY TOWARDS THE FINALISATION OF A SOCIAL COMPACT