Prime Minister, Dr. the Rt. Hon. Keith Mitchell, says the debt relief Grenada has been able to achieve on the basis of the Structural Adjustment Programme, is a means of enabling the country to enjoy a period of economic growth.
This is contained in a statement made by the Grenadian leader in the recent signing of a debt relief agreement between Grenada and France, all part of the final sign-off on terms agreed at the Paris Club in November last year.
The agreement was signed between the Grenadian leader and Julien Defrance, Head of the Regional Economic Service at the Embassy of France in Panama.
The rescheduled amount takes into account 8 million US dollars, consisting of 6 million US arrears, including late interest due October 31, 2015.
Half of the outstanding debt will be repaid upfront in two installments, as well as maturities due from 1st November 2015 to 30th June 2017.
Rescheduled amounts will be repaid over 20 years, including 7 years of grace for Official Development Financing claims and 15 years including 8 years of grace for Non Official Development Financing claims.
