publication . Preprint . 2015

Grenada; Second Review Under the Extended Credit Facility, Request For a Waiver of a Performance Criterion, Request for Modification of Performance Criteria and Financing Assurances Review

International Monetary Fund;
Open Access
  • Published: 20 Jul 2015
EXECUTIVE SUMMARY Extended Credit Facility (ECF) Arrangement. The program was approved on June 26, 2014 and the first review completed on December 12, 2014. Grenada has received SDR 4.04 million (about US$5.9 million) so far under the arrangement and the equivalent of SDR 2 million (about US$3 million) will be made available upon Executive Board completion of the second review. Debt restructuring. Grenada has achieved a critical milestone in its debt restructuring, reaching agreement on key restructuring terms with its largest private creditor group. The agreement implies a net present value reduction in the related debt of 54 percent and will reduce public debt...
free text keywords: Grenada;oil prices, debt, deficit, monetary fund, current account deficit
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