Supporting agreements with the international institutions
IMF program supported by an arrangement under the Extended Credit Facility (ECF) approved on June 26, 2014
Total external debt of the country
$610 million as of December 31, 2014
$11 million of which being due to Paris Club as of November 01, 2015
Amounts treated
$8 million, of which $8 million being rescheduled
Accorded treatment
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
Categories of debt treated
Treatment of the arrears as of October 31, 2005
Treatment of the maturities from Novembre 01, 2015 to June 30, 2017
Repayment profile
Treatment under Classic terms
- repayment of non ODA credits over 15 years, including 8 years of grace
- repayment of ODA credits over 20 years including 7 years of grace
Specific provisions
Debt swaps
On a voluntary and bilateral basis, the Government of each Participating Creditor Country or its appropriate institutions may sell or exchange, in the framework of debt for nature, debt for aid, debt for equity swaps or other local currency debt swaps:
(i) all Official Development Assistance loans;
(ii) the amounts of outstanding credits, loans and consolidations, other than Official Development Assistance loans, up to 20% of the amounts of outstanding credits as of 31 October 2015 or up to an amount of 5 million SDR, whichever is higher
Good will clause
Paris Club creditors undertook to consider specific weather events that may impact Grenada’s ability to service its debt by embedding into the agreement a first-ever “hurricane clause”.
Comparability of treatment provision
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 dated 19 November 2015, 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 dated 19 November 2015, 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 dated 19 November 2015 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 dated 19 November 2015, 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 dated 19 November 2015.
Cut-off date
June 30, 2004
Organisation of the session
The meeting was chaired by Mr. Guillaume CHABERT, Co-Chairman of the Paris Club.
The head of the debtor country's delegation was Mr. Timothy ANTOINE, Permanent Secretary in the Ministry of Finance.
Files attached
prgrenada20151119.pdf (214.73 KB)