$8 million, of which $8 million being rescheduled

Rescheduling of the external debt public debt, following the IMF' approval of an ECF, and the assurance by Paris Club creditors to contribute to its financing

In order to secure comparable treatment of its debt due to all its external public or private creditors, the Government of Grenada commits to seek promptly from all its bilateral and commercial external creditors debt reorganisation arrangements on terms comparable to those set forth in the Agreed Minutes, while trying to avoid discrimination among different categories of creditors. Consequently, the Government of Grenada commits to accord all categories of bilateral and commercial creditors -and in particular creditor countries not participating in the Agreed Minutes, and private creditors- a treatment not more favourable than that accorded to the Participating Creditor Countries.

For the purpose of the comparison between the arrangements concluded by the Government of Grenada with its creditors not listed in the Agreed Minutes on the one hand, and with the Participating Creditor Countries on the other hand, all relevant elements shall be taken into account, including the real exposure of the creditors not listed in the Agreed Minutes, the level of cash payments received by those creditors from the Government of Grenada as compared to their share of Grenada’s external debt, the nature and characteristics of all treatment applied, including debt buy backs, and all characteristics of the reorganized claims and in particular their repayment terms whatever forms they take and in general the financial relations between the Government of Grenada and the creditors not listed in the Agreed Minutes.

June 30, 2004