October 14, 2022 – The Government of Grenada successfully negotiated the settlement of US$5 million in longstanding debt arrears owed to the State of Libya. These debts were contracted in the 1980s by the People’s Revolutionary Government (PRG).
Longstanding unresolved debt arrears to Libya, Algeria, and Trinidad and Tobago have adversely affected Grenada’s credit rating, placing the country in the category of “Selected Default” or “SD.”
The Government of Grenada will continue to make concerted efforts to resolve the remaining debt arrears to Algeria and Trinidad and Tobago, respectively, as regularisation of these arrears will greatly assist in unlocking the financial resources needed to support government’s transformational agenda.
The settlement agreement was signed in Washington, D.C. yesterday by Libya’s Minister of Finance, His Excellency Dr. Khalid Al Mabrouk Abdalla, and Grenada’s Minister of Economic Development, Planning, Tourism, ICT, and the Creative Economy, Honourable Lennox Andrews, on behalf of Prime Minister and Minister of Finance, Honourable Dickon Mitchell.
Honourable Lennox Andrews is currently in Washington, D.C. attending the 2022 Annual International Monetary Fund (IMF) Meetings.
H.E. Dr. Khalid Al Mabrouk Abdalla, Minister of Finance, Libya; and Hon. Lennox Andrews, Minister of Economic Development, Planning, Tourism, ICT, and the Creative Economy, Grenada, shake hands following the official signing of the agreement.
Group photo: H.E. Dr. Khalid Al Mabrouk Abdalla, Minister of Finance, Libya (centre left); Hon. Lennox Andrews, Minister of Economic Development, Planning, Tourism, ICT, and the Creative Economy, Grenada (centre right); Ms. Kim Frederick, Permanent Secretary, Ministry of Economic Development, Planning, Tourism, ICT, and the Creative Economy, Grenada (far right); and other members of the Libyan delegation.
