As a direct result of the prolonged poor operational and financial performance of the Marketing and National Importing Board (MNIB), the Grenada Cabinet reportedly approved the dissolution of the entity.
This includes the assumption of all secured and unsecured liabilities.
REPORT:
What’s labeled as an advisory by the Government Information Service shows that the shouldering of the responsibilities creates significant additional unforeseen potential debt for the Central Government.
The Government is therefore said to be seeking to undertake a comprehensive and collaborative
restructuring of MNIB debts by the end of May 2023.
This includes the repayment or refinancing of the debts on terms and conditions that are consistent with the Government’s fiscal space.
Further, the Government is offering a 50% haircut on the outstanding claims to all secured and unsecured creditors.
The MNIB Board of Directors is said to have provided a list of all outstanding MNIB debts to the Ministry of Finance.
During next month, the advisory says, the Ministry of Finance will seek to verify all debts owed by the entity.
All creditors are therefore requested to submit evidence of claims to mnibdissolution@gov.gd on or before April 30, 2023.
