18 May 2020
In application of the term sheet of the Debt Service Suspension Initiative (DSSI) also endorsed by the G20, the Paris Club recognised that Grenada is eligible to benefit from the initiative.
Therefore, the representatives of the Paris Club Creditor Countries have accepted to provide to Grenada a time-bound suspension of debt service due from 1 May to 31 December 2020
The Government of Grenada is committed to devote the resources freed by this initiative to increase spending in order to mitigate the health, economic and social impact of the Covid-19 crisis. The Government of Grenada is also committed to seek from all its other bilateral official creditors a debt service treatment that is in line with the agreed term sheet.
This initiative will also contribute to help Grenada to improve debt transparency and debt management.
Paris Club creditors will continue to closely coordinate with other stakeholders in the implementation phase of this initiative, in particular when considering a possible extension of the suspension period.
Paris Club
The Paris Club was formed in 1956. It is an informal group of official creditors whose role is to find coordinated and sustainable solutions to the payment difficulties experienced by borrower countries.
The members of the Paris Club which participate in the reorganisation of Grenada’s debt are the governments of France, the United Kingdom and the United States of America.
Observers to the agreement are representatives of the governments of Australia, Austria, Belgium, Brazil, Canada, Denmark, Finland, Germany, Ireland, Israel, Italy, Japan, the Netherlands, Norway, the Republic of Korea, the Russian Federation, Spain, Sweden, and Switzerland.
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Yes Dr Mitchell .please don’t stop now keep putting a rope around their neck with debt and bad spending, corruption and theft,,.No foresight wha a bunch off losers that’s what we want in Beautiful Grenada
These people we have as our government do not seem to understand how the world works.
They spend most of their time focusing on stupid things of worthless value, give away to foreigners resources and things of value, and then go borrow more and more money to run the country.
It is sad that Native Grenadian can’t see that these people are selling us, wholesale, back into chattel slavery with smiles, handshakes, and toasts.
Wake up my Native Grenadians and put a stop to this as our coming generations will suffer greatly from this
choke-hold a few go-for-nothing people have put us in. We deserve much better. Make it happen.
You late too late with this comment.
“It is sad that Native Grenadian can’t see that these people are selling us, wholesale, back into chattel slavery with smiles, handshakes, and toasts.”
Selling us… generally speaking this is SOLD already, the whole place sold out.
There is a need to have a shift but that may not happen.
Think about it.
So these politicians are given a temporary reprieve on a debt payment, and what do they do?
Increase their already irresponsible level of spending, which is how they got into debts in the first place. Debts they can’t pay back on time.
These keaders are as foolish as they are brazen.
All savings are decreasing so the only choice now is to go into more debt for all!!! Even yourself will soon be using your assets and going to the banks to lend money.