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International Monetary Fund

This 2009 Article IV Consultation highlights that economic activity in Grenada is slowing significantly, reflecting the drag of the global crisis on tourism receipts, foreign direct investment, and remittances. Commercial banks have remained resilient, but the intervention of the Trinidad and Tobago-based CL Financial Group has heightened financial uncertainty. All quantitative targets for end-June 2009 were met. Executive Directors have commended the Grenadian authorities for the satisfactory performance of their economic program under these highly challenging circumstances.

International Monetary Fund

This paper discusses key findings of the Third Review under the three-year arrangement for Grenada. All end-2008 quantitative targets were met. Meeting structural benchmarks on submitting investment legislation and a new Excise Bill and on completing a Country Poverty Assessment has been delayed owing to the time required to consult stakeholders, to finalize the list of excisable goods, and to complete the technical work and drafting, respectively. The performance criterion on initiating reorganization or liquidation of Capital Bank was met in November 2008.

International Monetary Fund

This paper discusses key findings of the Fifth Review Under the Extended Credit Facility (ECF) for Grenada. Four of the six quantitative performance criteria for end-November 2009 were met. The primary balance, excluding the grants target, was missed by 3.3 percent of GDP owing to higher-than-expected expenditures related to donor-financed capital projects and overruns on current spending associated with a sharp rise in unpaid invoices less than 60 days old. The authorities are requesting waivers for the missed performance criteria based on their implementation of corrective measures.

International Monetary Fund

Grenada quickly recovered from the devastating effects of Hurricane Ivan. Executive Directors welcomed the economic reform program aimed to promote economic growth, restore fiscal and debt sustainability, reduce vulnerabilities, and alleviate poverty. They emphasized the need to strengthen the financial regulatory framework and accelerate structural reforms. They agreed that steadfast policy implementation can reduce debt and fiscal sustainability. They commended that the new strategy will help to address its economic and social challenges, and recommended for an arrangement under the Poverty Reduction and Growth Facility.

International Monetary Fund

This 2009 Article IV Consultation highlights that economic activity in Grenada is slowing significantly, reflecting the drag of the global crisis on tourism receipts, foreign direct investment, and remittances. Commercial banks have remained resilient, but the intervention of the Trinidad and Tobago-based CL Financial Group has heightened financial uncertainty. All quantitative targets for end-June 2009 were met. Executive Directors have commended the Grenadian authorities for the satisfactory performance of their economic program under these highly challenging circumstances.

International Monetary Fund
The Poverty Reduction Strategy Papers (PRSPs) of Grenada outline the issues raised in the Joint Staff Assessment. In the area of poverty diagnostics, a more detailed discussion of poverty based on updated poverty data is provided. The PRSP will describe the links between poverty, growth, and unemployment and the economic growth required to advance the social agenda. In the area of costing of initiatives, the full costs of social policies and programs, their relationship to the budgetary envelope, and identity of associated recurrent costs will be evaluated.
International Monetary Fund
This paper discusses the Interim Poverty Reduction Strategy Paper (I-PRSP) of Grenada for poverty reduction in the interim period. It describes the country’s macroeconomic, structural, and social policies in support of growth and poverty reduction, as well as associated external financing needs and major sources of financing. It reviews the National Poverty Eradication Strategy and analyzes the monitoring indicators, risks and costing of the strategy. It assesses the national development plan aimed at attaining the Millennium Development Goals.
International Monetary Fund
This paper reviews the joint advice of the staffs of the World Bank and the International Monetary Fund on the Interim Poverty Reduction Strategy Paper (I-PRSP). This I-PRSP outlines the main areas envisaged to reduce poverty and the measures for the implementation of the full Poverty Reduction Strategy (PRS). The full PRSP could improve on the I-PRSP by building on its strength of inclusiveness, strengthening its policy focus, including the link between policy and resource use, and elaborating a clear framework for the coordination and monitoring of the strategy.