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St.
George's, Grenada - Thursday July 24th,
2008: The Leader of Her Majesty’s
Opposition, Honourable Dr. Keith
Mitchell, extends his thanks to the
International Monetary Fund Executive
Board for increasing the funding for
Grenada from the initial USD $17.4
Million approved in April, 2006 to USD
$19.4 Million announced on July 9th
2008. In accordance with the terms of
the PRGF Arrangement, the announcement
was accompanied by the availability of
approximately USD $4.8 Million which
when added to the USD $2.2 Million that
had already been disbursed to the
previous Administration, leaves
approximately USD $12.4 Million to be
released pending continued positive
performance between now and 2010.
The
Executive Board clearly attributed their
decision to the successful
implementation of the programme over the
last two years, commending the Mitchell
led Administration for the country’s
economic performance and implementation
of the arrangement, noting that the net
result could already be seen in the
favourable economic outlook for the
Nation.
The Leader
of the Opposition is equally pleased
that the Prime Minister has indicated
that his administration would continue
Grenada’s positive relationship with the
IMF, despite campaign assertions that
the PRGF Arrangement is structural
adjustment under a different name.
The plan,
which was approved in 2006, was
developed by the Ministry of Finance as
a strategic plan which outlines a step
by step process for sharply reducing
Grenada’s public debt, and improving
Grenada’s financial sustainability and
business climate among other things. The
plan was also designed to increase
social spending as Grenada’s economic
performance improved.
The
Opposition will be keeping a watchful
eye on the Government’s progress with
the PRGF Arrangement to ensure that debt
reduction, job creation, business
development and social spending continue
to improve while the positive economic
outlook the Government has inherited is
maintained for the benefit of all the
people of Grenada. |
