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IMF, Grenada reach three-year agreement

Published:Saturday | March 15, 2014 | 12:15 PM

The International Monetary Fund (IMF) has announced that it has reached an agreement with the Grenada government for a three-year, US$21.9 million Extended Credit Facility.

However, IMF’s mission chief to Grenada Aliona Cebotari has cautioned that the agreement is subject to approval from the fund’s executive board and is contingent upon the timely completion of prior actions to by Grenadian authorities.

Cebotari says the main objectives of the programme are to restore fiscal and debt sustainability, boost long-term growth through structural reforms and safeguard the resilience of the financial sector.

She says the cornerstone of the programme is strong fiscal adjustment that is focused on curbing current spending and widening the revenue base, while maintaining space for infrastructure spending and social safety nets.


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