• Latest
US and Grenada sign bilateral debt agreement

US and Grenada sign bilateral debt agreement

1 year ago
Joint approach to fighting gender-based violence

Joint approach to fighting gender-based violence

9 hours ago
CHORES Returns to Grenada in October

CHORES Group returns to Grenada

9 hours ago
International Day for Biological Diversity 22 May

International Day for Biological Diversity 22 May

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

Covid-19 update: Grenada Dashboard 20 May 2022

1 day ago
Cambridge GCE Registration Period

Commonwealth of Learning Skills for Work Programme

3 days ago
St Mark Women in Action graduate from UNDP WOW Programme

St Mark Women in Action graduate from UNDP WOW Programme

3 days ago
Calypso Workshop for Students

Division of culture completes 3-day calypso arts workshop for schools

3 days ago
China donates to RGPF to help protect officers from Covid-19

China donates to RGPF to help protect officers from Covid-19

3 days ago
World Metrology Day 20 May

World Metrology Day 20 May

3 days ago
Claims of coronavirus at SGU designed to create fear and panic

Covid-19 update: Grenada Dashboard 19 May 2022

3 days ago
Digital Tourism Opportunities

PM launches Grenada’s National Cyber Security Incident Response Team

4 days ago
Kingdom of Morocco Scholarship announcement

Kingdom of Morocco Scholarship announcement

4 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

US and Grenada sign bilateral debt agreement

This story was posted 1 year ago
18 December 2020
in Health, PRESS RELEASE
2 min. read
Minister for Finance Gregory Bowen and US Embassy Grenada Chargé d’ Affaires Karl Duckworth signed the agreement.
Share

In a ceremony at the Ministry of Works’ conference room on Friday, the United States and Grenada signed an agreement to consolidate and reschedule certain debts owed to the United States to support the Government of Grenada to devote those resources to increase social, health, and economic spending in response to the Covid-19 crisis.

Once in force, the agreement defers until 2022-24 the payment of more than $320,000 in principal and interest due between May and December 2020, so that Grenada can focus on immediate pandemic needs. The agreement implements the terms of the Paris Club-G20 Debt Service Suspension Initiative, of which Grenada is a beneficiary.

Minister for Finance Gregory Bowen and US Embassy Grenada Chargé d’ Affaires Karl Duckworth

Minister for Finance Gregory Bowen and US Embassy Grenada Chargé d’ Affaires Karl Duckworth signed the agreement.

“Grenada is deeply appreciative of the move by the United States to defer the amounts owed to that country. We commend their responsiveness to the Debt Service Suspension Initiative which is crucial to the efforts by our country to redirect resources to mounting an effective response to the Covid-19 pandemic and to fostering the early stages of recovery. The effectiveness of our efforts thus far is due in large part to the relief granted through this debt service arrangement,” Minister Bowen said.

“At a time when so many in Grenada are impacted by the economic effects of Covid-19, the United States renews its commitment to Grenada and its people,” said Duckworth. “I’ve seen firsthand how the diminished number of tourists and students, along with the new Covid cluster, has affected the lives of Grenadians.”

“The United States is leading the effort to combat Covid-19 and its threat to global health and security,” added Duckworth. “Addressing debt transparency and sustainability is a priority for the United States to enable the long-term financial stability of Grenada and other countries as they face the difficult choice of servicing debt or responding to urgent health and economic needs.”

In April 2020, the United States helped lead the G20’s efforts to establish the Debt Service Suspension Initiative, which provides a suspension on official bilateral debt service payments by low-income countries so they can channel savings toward Covid-19 responses. This initiative is creating tangible, rapid benefits for the world’s countries that need it most.

The Paris Club was formed in 1956 and 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 are the governments of Australia, Austria, Belgium, Brazil, Canada, Denmark, Finland, France, Germany, Ireland, Israel, Italy, Japan, the Netherlands, Norway, the Republic of Korea, the Russian Federation, Spain, Sweden, Switzerland, the United Kingdom and the United States of America.

GIS

NOW Grenada is not responsible for the opinions, statements or media content presented by contributors. In case of abuse, click here to report.
Tags: coronaviruscovid-19gregory bowenkarl duckworthparis club
Next Post
Ease of Doing Business in Grenada Declines

World Bank approves US$25 million credit for Grenada’s Covid-19 Response and Recovery  

Comments 3

  1. . says:
    1 year ago

    Okay seems great. way to go government of Grenada and the United States of America.

    Reply
  2. John Thomas says:
    1 year ago

    This is what call true independence! Way to go Minister Bowen. We will stay tune for the next chapter.

    Reply
  3. Storm says:
    1 year ago

    I for one is sceptical about these agreements because they never give us a real breakdown of what it means.
    In saying that I notice they mentioned it is supposed to ease some of the pressure Grenada is placed under due to this pandemic.
    So why is the government putting it’s citizens in more hardship with price increases in areas where they have direct control.

    Reply

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.