March 27, 2023 – As a direct result of the prolonged poor operational and financial performance of the Marketing and National Importing Board (MNIB), the Cabinet of Grenada approved the dissolution of the entity, including the assumption of all secured and unsecured liabilities of the MNIB.

The shouldering of these responsibilities creates significant additional unforeseen potential debt for the Central Government.

The Government is therefore seeking to undertake a comprehensive and collaborative restructuring of MNIB debts by the end of May 2023. This includes the repayment or refinancing of these debts on terms and conditions that are consistent with the Government’s fiscal space.

In light of the foregoing, the Government is offering a 50% haircut on the outstanding claims to all secured and unsecured creditors.

The MNIB Board of Directors has provided a list of all outstanding MNIB debts to the Ministry of Finance. During the month of April, the Ministry of Finance will seek to verify all debts owed by the entity. All creditors are therefore requested to submit evidence of claims to the following email address: mnibdissolution@gov.gd on or before April 30, 2023.

The Ministry of Finance thanks all relevant stakeholders for their kind cooperation in this regard and looks forward to a speedy conclusion of this exercise.