Politics
Grenada to sign letter of intent with IMF by the end of the month
However, Harford admitted that while Grenada was not isolated from the impact of the global economic and financial crisis, “the fact remains that somehow…decisions that would have not been very good or wise decisions coming back to haunt us right now.”
Late last year, Prime Minister Mitchell told nationals that while the international community was willing to restructure the island’s debt, the country would have to make sacrifices. Mitchell, whose New National Party (NNP) came into office in February last year, said Grenada was unable to pay its creditors and was seeking the assistance of the international community to restructure its debt.
Since then, there have been several activities aimed at finding a solution to restructuring the debt that is estimated at more than two billion EC dollars (One EC Dollar = US$0.37 cents). The government has also appointed the London-based White Oak Advisory, which describes itself as an independent financial advisory firm providing specialist, high-level and impartial advice to governments and other clients on matters relating to sovereign finances and sovereign debt, to advise it.
Source: Caribbean360
