ST GEORGE’S, Grenada (CMC) — Grenada is to receive EC$2.7 million (One EC dollar =US$0.37 cents) from the International Monetary Fund (IMF) after the Washington-based financial institution approved the island’s fifth review of its reform programme, Prime Minister Dr Keith Mitchell has said.

Mitchell told Parliament that the disbursement is expected by December 22.

He said in addition, the board of directors of the Barbados-based Caribbean Development Bank (CDB) had approved US$10 million in budgetary support for Grenada and that the World Bank’s Board is expected to meet on December 16, to consider approval of US$9.4 million in budgetary support for the island.

“Grenada stands to receive EC$60 million in additional budgetary support before the end of this year or by early January 2017, based on the strong performance of our Home Grown Reform Programme,” Mitchell said as he delivered the EC$1.1 billion budget to Parliament on Friday.

He said Grenada has already received EC$192.9 million in direct financial support since the start of the programme in 2014, some of which are grants or monies which do not require payback.

Mitchell said that the sixth and final review of the Home-Grown Programme, which has been endorsed by the IMF, will be completed around June 2017.

“For 2017, we expect additional disbursements from the International Monetary Fund and the European Union to the tune of EC$28 million,” he said.

Mitchell told legislators that Grenada is continuing to “make steady progress” in regularising relations with all of its creditors.

He said on account of the debt restructuring, Grenada has a received stock reduction of EC$200.3 million as at the end September, 2016 and that a further EC$158.3 million is expected upon successful completion of the Home-Grown Programme in 2017.

“Furthermore… the cost saving in terms of debt service payments is calculated at EC$481.3 million,” he said, adding “in essence…our wisdom, courage and sacrifice to implement the Structural Adjustment Programme means we will not have to pay back over EC$839.9 million.

“Over time, these funds will be used to invest in our people’s health, education and other services,” Mitchell said, noting that Grenada is well on its way to restoring full credit worthiness.

“We place on record our sincere appreciation to all our creditors for the debt relief provided,” he said.