Grenada’s PM to unveil stimulus plan

Grenada’s Prime Minister Tillman Thomas will unveil measures to stimulate the economy in an address to the nation later today.



Finance Minister Nazim Burke says the government has secured a 20 million dollar loan which will be used to undertake projects such as road construction and rehabilitation of the agriculture sector.



It’s reported that falling tourism revenues, remittances and foreign direct investments have taken a toll on the country’s economy.



Unemployment is expected to increase to 30 per cent.



Grenada’s economy is projected to contract by 0 point 7 per cent this year.



The Finance Minister says it is hoped that this intervention will generate income and combat the economic downturn being experienced in the country.