Grenadians told to prepare for harder times

Prime Minister Dr Keith Mitchell has told Grenadians that they should be prepared to undergo three years of tough sacrifices as the island implements an economic strategy with assistance from the International Monetary Fund (IMF).



Mitchell said Grenada continues to feel the effects of the difficult economic times as highlighted by the country’s high debt, high unemployment, and low growth.



In March, the IMF said it had reached an agreement in principle with the Grenada government for a three-year US$21.9-million Extended Credit Facility to support the country’s programme to correct its fiscal imbalances and create sustainable growth.



As a result of the IMF agreement, the Grenadian government said it would also be able to secure US$100 million in loans and grant funding from regional and international lending agencies.



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