IMF considers Grenada loan request
Published:Tuesday | March 31, 2009 | 6:00 PM
The Washington-based International Monetary Fund (IMF) is to consider a request from Grenada for an increase in disbursement under the Poverty Reduction and Growth Facility programme.
An increase of US$5 million has been recommended.
The sum of $20 million has already been allocated to Grenada under the three-year programme set to be completed in 2010.
The IMF mission said Grenada qualified for the increase because of the local effects of the economic downturn.
Like many Caribbean countries, Grenada’s economic growth has slowed significantly.
Real GDP is projected to contract by around 0.7 percent this year in the face of declining tourism earnings, remittances and foreign direct investments.