• Latest
Now We Awaiting The First Budget

The IMF to our Rescue

8 years ago
Panam Sports marathon of meetings with Olympic committees

Panam Sports marathon of meetings with Olympic committees

4 hours ago

CMEP (2022) Grenada Fisheries: Adapting to Climate Change

4 hours ago
GTA Launches Underwater Sculpture Design Competition

Exploring Grenada’s underwater sculpture park

4 hours ago
Claims of coronavirus at SGU designed to create fear and panic

Covid-19 update: Grenada Dashboard 27 May 2022

5 hours ago
Temporary interruption of ASYCUDA World System

Temporary interruption of ASYCUDA World System

20 hours ago
Updated Consolidated Voter’s List Released for Examination

Current list of electors as at 17 May 2022

22 hours ago
Zorina worked for 25 international producers last year

Zorina worked for 25 international producers last year

1 day ago
Is There Hope for Haiti? (part 1)

My top 10 beefs with Citizenship by Investment: Part 1

1 day ago
Ariza: We are hiring

Ariza: We are hiring

1 day ago
Claims of coronavirus at SGU designed to create fear and panic

Covid-19 update: Grenada Dashboard 26 May 2022

1 day ago
UNESCO Transcultura Call for young Caribbean Creatives

UNESCO Transcultura Call for young Caribbean Creatives

2 days ago
UNESCO Participation Programme 2018-2019; Funding Up to US$26,000 Available

Call for CCI Development Grant Applications Industry Grant (Round 1)

2 days ago
NOW Grenada

Main Header Ad 468x60

  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
NOW Grenada
No Result
View All Result

Article Header

The IMF to our Rescue

This story was posted 8 years ago
24 March 2014
in Law, OPINION/COMMENTARY, Politics
3 min. read
Share

Law & Politics

by Lloyd Noel

After just over one year since the NNP Administration regained total control of the nation’s affairs, the much talked-about IMF financial rescue was eventually agreed last week, and is now awaiting the approval of the IMF’s Executive Board.

But that approval is contingent upon the timely completion of prior actions to be taken by the Grenadian authorities, and obtaining the necessary financing assurances as was stated by the IMF Mission Chief to Grenada. The cornerstone of that agreement is a strong fiscal adjustment, based on curbing spending and widening the revenue base. Apparently growth facility programmes with the IMF had collapsed under the NDC Government, when they failed to meet IMF targets. The IMF deal is expected to pave the way for Grenada to access at least US $100 million in grants and soft loans from donors and friendly countries.

From that scenario therefore, it looks like we are on the way out of the immediate fiscal jungle — but how far out we will get and for how long, will depend very much on the way those in control deal with the newly acquired millions. Only a small portion of the total sum will be advanced as a grant, and the balance is all on loan that has to be paid back, in addition to the over two billion dollars already owing to the IMF and other creditors.

Investing those millions wisely is key to where we heading from here onwards — both for paying up some of the long overdue debts, as well as the new millions — if we expect to get further loans down the road.

A whole lot of people are unemployed and looking for some kind of work, to take care of their families and pay their everyday expenses, as well as their recently increased property taxes, which will become due for payment by end of June. Putting a whole lot of people back to work must be a key factor in the whole process — and it must not be a case of jobs just for the party boys.

The Government’s agriculture estates — for which the controllers were seeking Foreign Investors to come and invest and provide jobs — should be a number one priority for the folks in those areas where the estates are located, and for reviving our agricultural production that is now at rock bottom. Not only were our nutmegs and bananas and cocoa the main export crops our farmers sent to England in the good old days, but our traffickers to Trinidad & Tobago — supplying our hundreds of Grenadians who had migrated to the sister isles — also had thriving businesses in those days, and all these have gone through.

The months of February and March in our political calendar, have very significant historical importance for our people as a nation. On the 7 February 1974, we gained our Independence from England, under the Leadership of Eric Matthew Gairy and his (GULP) Grenada United Labour Party; and on the Thirteenth of March, 1979, we had the first Military Revolution in the English speaking Caribbean, by the (NJM) New Jewel Movement under the Leadership of Maurice Bishop, and aided by Fidel Castro’s armed forces.

The independence achievement celebrated forty years last month, but the Revolution only lasted four and a half years — up to September 1983 — before it was derailed by US and Caribbean Forces, to set many of our people free from detention in prison and our Tri-sland State free from the control of the Communist Regime in Grenada, aided and abetted by Communist Cuba. And since after those hectic days, we have been back to our Parliamentary Democracy, headed by different leaders and their own political parties, with the current leader and his party being the longest serving group in our forty years of independence history.

Our national debt has been our major setback over all those years of independence, and here we are with a god-sent relief to help us overcome the economic problems. We can only hope and pray that the very best comes out of it all.

 

NOW Grenada is not responsible for the opinions, statements or media content presented by contributors. In case of abuse, click here to report.
Tags: debteconomygrantimfindependencelloyd noelloan
Next Post
Part I: The Integrity Commission

Part I: The Integrity Commission

Comment on post Cancel reply

Please enter your valid email address.
Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Home Sidebar NP 300x250

© NOW Grenada. All Rights Reserved. Published by Aqua Design Inc. | Terms of Use | Privacy Policy

No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us

Copyright NOW Grenada

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings. Visit our Privacy Policy | Terms of Use.

Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Visit our Privacy Policy | Terms of Use.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.