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: These terms represent a significant improvement compared with the previous conditions applied to MNIB facilities at the […]
By Patricia Scotland, Commonwealth Secretary-General A lethal combination of disease, extreme climate events and economic crises is threatening the smallest and most vulnerable nations of the world. To tackle it, we must overhaul how we understand and address economic vulnerability. The COVID-19 pandemic has already triggered a massive global recession. Meanwhile, a record number of […]
The World Bank and the International Monetary Fund had called for the suspension of loan repayments owed by the poorest countries of the world, to help them manage the severe impact of the pandemic. In response, G20 members agreed to suspend debt servicing temporarily for 77 eligible countries, including 30 from the Commonwealth. To help these countries […]
· Reduces debt by approximately US$1.6 billion and lowers annual cash interest costs by approximately US$125 million · Acknowledges key role of stakeholders in putting Digicel on sustainable footing · Outcome to benefit 13 million customers in 32 markets as Digicel continues its evolution from network operator to digital lifestyle partner Thursday 18th June 2020 – Kingston, Jamaica. Digicel, a […]
May 20, 2020 – Prime Minister and Minister of Finance, Dr. the Right Honourable Keith Mitchell, has welcomed the Paris Club Debt Service Suspension Initiative (DSSI), which will grant the country suspension of debt service between May and December 2020. A press release issued by the Paris Club this week confirmed Grenada’s eligibility for the […]
By Patricia Scotland, Commonwealth Secretary-General Trade wars, protectionism, and nationalist rhetoric are combining to weave the possibility of a nightmare debt crisis that could be worse than any previously experienced. Global borrowing is now at the highest levels since the 1950s – and history suggests we should take this as a warning that a debt […]
