IMF gives Grenada thumbs-up

Thursday, August 28, 2014 4:15 PM - George's, Grenada
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ST. GEORGE’S, GRENADA, August 28, 2014 – GIS: The International Monetary Fund (IMF) says economic recovery is well underway in Grenada and growth outlook is positive.

A delegation from the fund has just wrapped up a one-week visit to St. George’s saying fiscal consolidation is on track.

Ms. Aliona Cebotari, the Fund’s Mission Chief for Grenada made her disclosure after completing the first review of the IMF-supported program under the Extended Credit Facility (ECF).

“Grenada has made a strong start in implementing its program. The fiscal consolidation is on track and all quantitative performance criteria for end-June were met,” said Cebotari during a news conference Wednesday.

“The economic recovery is slowly taking hold and the growth outlook remains broadly in line with the program, while inflation has been lower than expected.”

The fund says economic growth will be more than one percent this year and is anticipating that Tourism and Agriculture will play major roles in this growth.

Cebotari says the IMF is also expecting that prices will continue to fall.
“For 2014, as a whole, we expect growth to be over one percent in line with the programme, we had 1.1 percent in the programme,” the Mission Chief said.

“On the other hand, inflation was more moderate than we expected under the programme. For 2014, as a whole, we expect prices to be on average lower than last year.”






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