HELLO GRENADA

Home Grown What? In a surprise move, the Government of Grenada announced that it will pursue a “Home Grown” program of Structural Reform and fiscal adjustment with support from the International Monetary Fund (IMF). This concept was first introduced by the NDC administration led by Nicholas Braithwaite with the late George Brizan being the chief architect. Mr. Brizan assembled a team of local technocrats (which included the present Minister of Education Anthony Boatswain) together with notable regional economists to include Prof Crompton Bourne to draw up a detailed plan to address the country’s economic problems. Grenada then was un-creditworthy, the result of many years of poor fiscal management and failed economic policies pursued by the New National Party (NNP). It took a considerable amount of political will and resolve to achieve the success which Mr. Brizan piloted. The present administration has enormous limitations. The present NNP is largely to blame for our predicame...

Government About to Sign Secret Deal with the IMF The Ministry of Finance reported today September 25th instant, that the Government wishes to report “significant progress’ in its discussions with the International Monetary Fund (IMF). The news release further states that the IMF agreed to support Grenada in its “home grown programme’ of fiscal adjustment and structural reforms. We, the people, were further informed that discussions will conclude in October 2013 when the Prime Minister attends the annual IMF/World Bank meeting in Washington.  After reaching agreement, Prime Minister Keith Mitchell will issue a “Letter of Intent” to the IMF. This letter describes the policies that Grenada intends to implement in the context of its request for financial support from the IMF. While the Government has met with stakeholders, the vast majority of Grenadians has not been involved in this major exercise that will affect negatively their lives. These closed door meetings had little o...

NNP put Grenada in a Monkey Pants In recent days, the Prime Minister has been making all kinds of noises about what he will or will not accept from the IMF as a Structural Adjustment Program. Like mouth open, word jump out!! The Keith Mitchell led NNP government has little or no credibility with international creditors. In the 2005 restructuring exercise, they assured the creditors that Grenada will produce an annual growth rate of 4.7%. That was a “pie in the sky” assumption. Besides the effects of Hurricanes Ivan and Emily, the same NNP leadership gave a license to De Bourg to operate CAPBANK where Grenadians lost over $40 million. Reports indicate that SGL also soaked over $80 million from the pockets of we the people. The recklessness of the NNP administration during the period 1995-2008 is responsible for this monkey pants that all Grenadians will be asked to wear. They neglected agriculture, not a single new hotel room was built (only promises); they left the cou...

good progress for whom? Mr. Prime Minister Prime Minister Mitchell needs to qualify his statement that the country is making good progress under his new administration. In a strange twist, the leader of the NNP chided his supporters by saying that ‘if we attempt to listen to all our supporters and their demands, the country will be mashed up’ This statement is deceptive as it is true. More than 1700 persons were removed from positions where they benefitted from some form of income from the state. These positions were filled by supporters of the NNP. It is the same political leader of the NNP who has inculcated in the minds of his supporters that it is ‘we time’. Almost every senior position in the public service is now manned by his supporters as he has said repeatedly that loyalty is more valuable than competence. Under the NDC, concerted efforts were made to depoliticize the public sector and to promote competence and professionalism. Those efforts have been derailed. Many ...

The IMF is here; Debt Service Levy also? This morning at about 9.30 am, a team from the International Monetary Fund (IMF) began ‘serious talks’ with the Keith Mitchell led administration at the Financial Complex. Inside sources state that the team arrived with a mandate to assess the government ability or lack of it to address the serious debt facing the country. The Honorable Prime Minister has said publicly that the country cannot pay its current debts based on present arrangements. The crux of the problem is the high price debts contracted when the same NNP team comprising of Mitchell, Nimrod, Bowen, Modeste-Curwen and Bhola during their last term in government. The NNP administration in an effort to hide the details of the country’s debt situation saw it fit not to publish the interest rate on these items in the 2013 budget Appendix F page 488.      The items are as follows ·    International Bonds USD $ 193.54  --EC$522,565,020 --...