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International Monetary Fund

This Selected Issues paper analyzes the competitive threats to the tourism sector in the Eastern Caribbean Currency Union (ECCU). The paper concludes that the ECCU countries have lost competitiveness globally and vis-à-vis newly emergent Caribbean tourist destinations as a result of both price and nonprice factors. The short-term measures implemented by the countries seem to have been insufficient to prevent further declines in 2002. The paper also describes strengthening fiscal discipline through fiscal benchmarks.

International Monetary Fund

The staff report for the First Review Under the Poverty Reduction and Growth Facility (PRGF) Arrangement highlights Grenada’s economic performance in many respects. The time needed to address the unregulated bank, as well as fiscal slippages and the slow pace of structural reform, delayed completion of the first PRGF review. The program entails some risks, particularly with respect to bank restructuring costs, expenditure control, implementation capacity, and natural disasters. The government is considering a concessional loan from the Export-Import Bank of China to finance the construction of a port and marina.

International Monetary Fund

The staff report for the First Review Under the Poverty Reduction and Growth Facility (PRGF) Arrangement highlights Grenada’s economic performance in many respects. The time needed to address the unregulated bank, as well as fiscal slippages and the slow pace of structural reform, delayed completion of the first PRGF review. The program entails some risks, particularly with respect to bank restructuring costs, expenditure control, implementation capacity, and natural disasters. The government is considering a concessional loan from the Export-Import Bank of China to finance the construction of a port and marina.

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

The 2007 Article IV Consultation with Grenada discusses strong economic rebound in the aftermath of a hurricane devastation and broadly favorable economic prospects, with major tourism investments under way and the gradual recovery of the agricultural sector. The government’s highly successful debt restructuring is now largely complete and has resulted in substantial debt service savings. Executive Directors welcomed the efforts being made by the authorities to enhance the business climate and improve competitiveness, including through the recently developed national export strategy and other measures to reduce business costs.

International Monetary Fund. Western Hemisphere Dept.

Request for Disbursement Under the Rapid Credit Facility; Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Grenada;

International Monetary Fund

This paper presents key findings of the Second Review for Grenada under the Poverty Reduction and Growth Facility (PRGF). Grenada’s economic outlook has deteriorated somewhat, mainly reflecting the global financial turmoil and slowing global growth. Financial turmoil and the global economic slowdown are expected to slow tourism demand, FDI, and remittances, and could also negatively affect grants from some donors. The authorities are moving forward with a policy framework that provides for needed fiscal consolidation, addresses financial sector vulnerabilities, and reinvigorates the structural agenda.

International Monetary Fund. Western Hemisphere Dept.

Extended Credit Facility Arrangement. The arrangement was approved on June 26, 2014 and the third review completed on November 25, 2015. Disbursements equivalent to SDR 8.04 million (about US$11.5 million) have been made to Grenada so far under the arrangement and the equivalent of SDR 2 million (about US$2.9 million) will be made available upon Executive Board completion of the fourth review. Debt Restructuring. Grenada's comprehensive public debt restructuring is nearing completion. The debt exchange with Grenada's largest private creditor group was implemented and an agreement reached with Paris Club creditors. The authorities have also made important progress restructuring domestic debt.