Through end-June 2024, Grenada's economy was experiencing sustained strong growth supported by buoyant tourism, moderating inflation, and a narrowing current account deficit. A surge in Citizenship-by-Investment (CBI) revenue supported a strong improvement in budget balances, a build-up of...

The technical assistance aimed to build capacity to monitor and assess systemic risk for non-bank financial institutions in the Grenada Authority for the Regulation of Financial Institutions (GARFIN). The mission underlined the need to clarify the macroprudential mandate and cooperation with the...

The technical assistance aimed to enhance the capacity of the Grenada Authority for the Regulation of Financial Institutions (GARFIN) to monitor and assess systemic risk for non-bank financial institutions. The mission emphasized the need to clarify the macroprudential mandate and strengthen...

This paper examines the distributional effects of fiscal policy in Grenada. Using data from the 2017-18 Living Conditions and Household Budgets Survey and following the Commitment to Equity analysis framework, the paper estimates the effects of fiscal policy interventions on inequality and...

This paper examines the distributional effects of fiscal policy in Grenada. Using data from the 2017-2018 Living Conditions and Household Budgets Survey and following the Commitment to Equity (CEQ) analysis framework, we estimate the effects of fiscal policy interventions on inequality and...

Though referred to as Grenada, the island state is in fact a collection of three islands - Grenada, Carriacuo, and Petit Martinique, cooperatively governed as Grenada. For the five years prior to the onset of the Covid-19 pandemic in 2020, economic growth in Grenada was considered robust. The...

The 2023 Article IV Consultation analyses that the Grenada' tourism-dependent economy continued to recover from the pandemic amidst rising energy and food prices. Growth is estimated to have reached 6.4 percent in 2022, driven by a tourism rebound and construction activity. Inflation rose...

Grenada's economy was hit hard by the pandemic, with a decline in real output of 14 percent in 2020 from both a collapse of tourism-related activities and the suspension of in-person classes at Saint George's University (SGU). Growth in 2021 is estimated to have partly recovered to 5.6 percent,...

Natural disasters and climate change are existential threats to Grenada, with annual losses from these events estimated at 1.7 percent of GDP. Grenada has proactively pursued resilience-building, with its Climate Change Policy and National Adaptation Plan providing detailed roadmaps for...

This poverty and equity report provides updated poverty and inequality statistics from the Grenada Survey of Living Conditions and Household Budget Survey (SLCHBS) conducted between 2018 and 2019 by the Central Statistical Office of Grenada. The SLCHBS 2018-2019 is the third in a series of...

This paper discusses Grenada's Request for Disbursement Under the Rapid Credit Facility. IMF financing support provides resources to the countries' authorities for essential health-related expenditures and income support to ease the impact of coronavirus disease 2019 on the population. The...

Owing to improved policy frameworks and favorable external conditions, Grenada's economy has been growing rapidly. Policies have remained prudent, helping reduce public debt and financial system vulnerabilities. The domestic policy debate is increasingly focused on using potential fiscal space...

Grenada has made significant strides to counter climate change but meeting the daunting remaining challenges will require domestic policy actions and sustained international support. Climate change is an existential threat to Grenada. Increasing frequency and intensity of coastal storms...

Grenada made important strides under the 2014-17 ECF-supported program, achieving an impressive debt reduction by 37 percent of GDP since 2013, upgrading the framework for fiscal policy, strengthening the financial system, improving governance, and creating a better business environment....

This paper documents the two debt restructurings that Grenada undertook in 2004-06 and 2013-15.Both restructurings emerged as a consequence of weak fiscal and debt situations, whichbecame unsustainable soon after external shocks hit the island economy. The two restructurings provided liquidity...

This paper discusses Grenada's Sixth Review under the Extended Credit Facility (ECF) Arrangement and Financing Assurances Review. The government met all continuous and end-December 2016 performance criteria and structural benchmarks. The economy grew by about 3.9 percent in 2016, reflecting...

This paper documents the two debt restructurings that Grenada undertook in 2004-06 and 2013-15.Both restructurings emerged as a consequence of weak fiscal and debt situations, whichbecame unsustainable soon after external shocks hit the island economy. The two restructurings provided liquidity...

This paper discusses Grenada's Fifth Review Under the Extended Credit Facility (ECF), Request for Modification of Performance Criteria, and Financing Assurances review. Overall program implementation remains solid. All quantitative performance criteria for the Fifth Review were met. Some...

This paper features Grenada's request for waiver of non-observance of a performance criterion, request for modification of a performance criterion, and financing assurances review. The arrangement was approved on June 26, 2014, and the third review was completed on November 25, 2015. Grenada's...

The health workforce must be able to cope with shifts in the pattern of causes of death and disease that are being seen worldwide—particularly with the rise in noncommunicable diseases (NCDs). This requires health personnel to have a set of skills and competencies that can adapt to meet the...

As the first copycat litigation of NML Capital v. Argentina, the case of Export-Import Bank of the Republic of China v. Grenada ("Ex-Im Bank v. Grenada") has implications for the future direction of sovereign debt restructurings. It not only complicates the already muddy pari passu saga by...

This paper discusses Grenada's Third Review Under the Extended Credit Facility (ECF), Request for Modification of Performance Criteria (PCs), and Financing Assurances Review. Overall program implementation remains strong. All quantitative PCs for the third review were met. All structural...

EXECUTIVE SUMMARY Extended Credit Facility (ECF) Arrangement. The program was approved on June 26, 2014 and the first review completed on December 12, 2014. Grenada has received SDR 4.04 million (about US$5.9 million) so far under the arrangement and the equivalent of SDR 2 million (about US$3...

With some 19 million US Dollars (1.6 percent of GDP) in unresolved arrears to official bilateral creditors, Grenada remains in external public debt distress. However, debt appears sustainable reflecting favorable projected debt dynamics from substantial fiscal surpluses that are supported by the...

This paper discusses Ex Post Assessment of Longer-Term Program Engagement on Grenada. Grenada’s engagement with the IMF played an important role in supporting the small island economy after it was buffeted by major adverse shocks. IMF support catalyzed substantial donor aid in the wake of...

This 2014 Article IV Consultation highlights that Grenada’s economy continues to face significant headwinds after a decade of natural disasters and economic shocks coalesced into a deep economic crisis by 2011–2012. Economic activity declined by more than 8 percent of GDP from peak...

EXECUTIVE SUMMARY Extended Credit Facility (ECF) Arrangement: On June 26th, 2014, the Executive Board approved a three-year arrangement for a total amount equivalent to SDR 14.04 million (about US$21.7 million, 120 percent of quota). The equivalent of SDR 2.04 million was disbursed upon approval...

EXECUTIVE SUMMARY Extended Credit Facility (ECF) Arrangement: On June 26th, 2014, the Executive Board approved a three-year arrangement for a total amount equivalent to SDR 14.04 million (about US$21.7 million, 120 percent of quota). The equivalent of SDR 2.04 million was disbursed upon approval...

EXECUTIVE SUMMARY Grenada’s first arrangement under the Poverty Reduction and Growth Facility (PRGF) played an important role in bolstering the small island economy after it was buffeted by major adverse shocks. It catalyzed substantial donor aid in the wake of unprecedented damage from two...

This 2014 Article IV Consultation highlights that Grenada's economy continues to face significant headwinds after a decade of natural disasters and economic shocks coalesced into a deep economic crisis by 2011-2012. Economic activity declined by more than 8 percent of GDP from peak to trough...

This study is designed to build a link between the study and improvement of agriculture and that of logistics for agricultural exports, and complements the Grenada Small Farmer Vulnerability Reduction project. The objective of logistics chain analysis (LCA) is to understand product movement for...

The report reviews Grenada public expenditures for the period 1995-02 and suggests policy recommendations to achieve fiscal sustainability, improve social service delivery, and reform social protection based on the economic situation of the country at the time. To restore rapid economic growth,...

Grenada has faced various socioeconomic challenges within the last decade, including the destruction wrought by Hurricane Ivan in 2004 and the global financial crisis. As a result, economic indicators for Grenada illustrate unfavorable. Increases in the poverty and unemployment rates, especially...

The objective of this report is to make recommendations for the Government of Grenada (GoG) for theformulation of a country-specific comprehensive disaster risk finance (DRF) strategy, based on the assessment of the legislative, financial management, fiscal, and insurance market environment in...

This report provides a Debt Sustainability Analysis (LIC-DSA) of Grenada's public and publicly guaranteed (PPG) external and total debt for 2018. The macro-framework incorporates all previous debt restructurings, including the November 2017 haircut on commercial debt. Total public debt has...

The objective of this report is to make recommendations for the Government of Grenada (GoG) for theformulation of a country-specific comprehensive disaster risk finance (DRF) strategy, based on the assessment of the legislative, financial management, fiscal, and insurance market environment in...

Overview of the eastern caribbean health sector -- The noncommunicable disease landscape in the Eastern Caribbean -- NCD service delivery -- Implications of a changing burden of disease -- Strategies to address NCDs -- Needs based analysis of the Eastern Caribbean nurse workforce -- Density...