Grenada
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Grenada to stage referendum on CCJ
ST. GEORGE’S, Grenada, CMC – Grenada will hold a referendum in two years to decide on the island’s relationship with the Trinidad-based Caribbean Court of Justice (CCJ), Governor General Sir Carlyle Glean said Wednesday. Addressing the ceremonial opening of the new Parliament since the February 19 general elections, Sir Carlyle said that the Constitution Reform Committee would be reconstituted and…
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Opposition to fill three seats in Senate
ST. GEORGE'S, Grenada, CMC – Three former ministers of the opposition National Democratic Congress (NCD) will be appointed to the Senate to fill the three opposition seats in the Upper House of Parliament. According to media reports, former Finance Minister Nazim Burke, former Education Minister Franka Bernardine and former Tourism Minister, Dr. George Vincent are set to receive their instruments…
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Kuwait Fund lifts Grenada suspension
ST.GEORGE’S, Grenada, CMC – A senior Government Minister has announced that the Keith Mitchell administration secured a suspension of funds lifted by a major funding agency in Grenada. Works Minister Gregory Bowen on Thursday announced that the Kuwait Fund has agreed to lift a suspension imposed on Grenada since February 2012 after the country failed to make payment on outstanding…
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Caribbean governments announce transfer of BAICO business to Sagicor
ST GEORGE’S, Grenada, CMC – Eastern Caribbean governments Wednesday said they had finalised an agreement allowing for the transfer of British-American Insurance Company Limited (BAICO) traditional insurance business to Saigicor. In June last year, the government grouped under the Eastern Caribbean Currency Union (ECCU) said they would provide funding to assist in restoring value to the transferring policies as they…
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World Bank suspends funds to Grenada
ST. GEORGE’S, Grenada, CMC – The World Bank has suspended disbursements to Grenada after seven loan defaults in February. The Washington based financial institution said no new loans would be issued to Grenada unless the island makes good on the overdue payments amounting to US$750,000. The payments were due on February 15 February and the World Bank has written to…
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Government to present “holding budget” to parliament next month
ST. GEORGE’S, Grenada, CMC – The newly elected Grenada government of Prime Minister Dr. Keith Mitchell will present a “holding budget” to Parliament next month. Economic Development Minister Oliver Joseph said that the Estimates of Revenues and Expenditure for 2013 are expected to be presented in mid April and that public consultations will be held with sectoral groups as part…
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Canada helping Grenada develop nutmeg industry
ST. GEORGE’S, Grenada, CMC – The Canadian government says it is assisting Grenada overcome the challenges facing the nutmeg industry. It said together with the St. George University, it has adopted a two phase approach to the improving the production of nutmeg, a process that has seen virtually no technological change over time. It said the first phase, which lessened…
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Major credit rating agency says Grenada default has negative implications for ECCU
NEW YORK, CMC – A major international credit rating agency says the liquidity crisis leading to Grenada’ default on its US and Eastern Caribbean (EC) dollar bonds is “credit negative” for the country and elevates the risk of distress spilling over to member countries in the Eastern Caribbean Currency Union (ECCU). The newly-elected Dr. Keith Mitchell administration in Grenada said…
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Grenada to join debt restructuring club
KINGSTON, Jamaica – GRENADA plans to commence talks with its creditors to restructure its EC$2.2- billion public debt. Rising interest payments in the face of falling revenue and a high wage bill has prompted the government to miss an interest payment due this month. It is the second time that it has been faced with an interest payment that it…
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