St. George — The Government of Grenada is pleased to announce the successful refinancing of approximately $5.0 million of debt owed by the MNIB to a local commercial bank. The terms of the new arrangement are as follows:

• Consolidating all outstanding principal balances of debt owed by MNIB at an interest rate of 4.0% to be repaid over a period of ten (10) years;
• An interest free loan for all outstanding interest to date to be repaid over 10 years; and,
• Release of all existing securities to be replaced with a charge on the Consolidated Fund.

These terms represent a significant improvement compared with the previous conditions applied to MNIB facilities at the Bank. Specifically, the current interest rates stand at 6.5% and 7%.

This major accomplishment not only halts a further accumulation of arrears, but also strengthens Government’s ability to successfully reform the MNIB by removing the lien on the Pack House property located at River Road, St. George.

Furthermore, the Cabinet has approved the payment of all outstanding claims to unsecured creditors, including farmers and agro-processors to the tune of $2.5 million. The Ministry of Finance is working diligently to conclude all payments to unsecured creditors by December 1, 2023.

Further information will be issued on Tuesday, November 28, 2023. All concerned are kindly asked to take note.