The Paris Club is reported to have granted Grenada suspension of debt service between May and December this year.
A press release on the subject confirmed Grenada’s eligibility for the suspension initiative which was also endorsed by G20 group of countries.
Prime Minister, Dr. the Right Hon Keith Mitchell welcomes the Paris Club Debt Suspension.
This has come about upon request by the World Bank and the International Monetary Fund for bilateral creditors to provide debt relief for IDA countries like Grenada.
Payments on loans will be suspended for the period stipulated allowing Grenada and the other countries to use available resources to fight the pandemic.
It is anticipated that up to EC $14 million of Grenada’s debt burden will be suspended through the arrangement.
Following the Paris Club announcement, the Government of Grenada will be initiating discussions with bilateral creditors for final sign off of the debt service suspension.
Dr. Mitchell sees the announcement as beneficial given the significant decline in Government revenue due to the pandemic, and allowing his administration to explore all available debt service initiatives and opportunities for concessional financing.
