Saturday, July 27, 2024
spot_img
spot_img
HomeNewsGlobal NewsGrenada negotiates settlement agreement with Libya on long- standing debt arrears

Grenada negotiates settlement agreement with Libya on long- standing debt arrears

ST GEORGES, Grenada – The government of Grenada announced that it has successfully negotiated the settlement of US$5 million in longstanding debt arrears owed to the State of Libya.

“These debts were contracted in the 1980s by the People’s Revolutionary Government (PRG),” said the ministry of finance in a communique Friday.

The settlement agreement was signed in Washington, DC, October 13, 2022, by Libya’s minister of finance, Dr Khalid Al Mabrouk Abdalla, and Grenada’s minister of economic development, planning, tourism, ICT, and the creative economy, Lennox Andrews, on behalf of prime minister and minister of finance, Dickon Mitchell.

Minister Andrews also attended the 2022 Annual International Monetary Fund (IMF) meetings in Washington, DC.

“Longstanding unresolved debt arrears to Libya, Algeria, and Trinidad and Tobago have adversely affected Grenada’s credit rating, placing the country in the category of “Selected Default” or “SD” added the ministry of finance in a press release.

“The government of Grenada will continue to make concerted efforts to resolve the remaining debt arrears to Algeria and Trinidad and Tobago, respectively, as regularisation of these arrears will greatly assist in unlocking the financial resources needed to support government’s transformational agenda”.

spot_img
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img
spot_img
spot_img

Caribbean News

Global growth is expected to remain stable, but slow: 3.2 percent in 2024 – 3.3 percent in 2025

- IMF Managing Director Kristalina Georgieva’s Statement at the Conclusion of the Third Meeting of the G20 Finance Ministers and Central Bank Governors WASHINGTON, USA...

Global News

WHO – IOC and France to support healthy Paris Olympics

LONDON, PARIS - The World Health Organization (WHO) is taking part in the Paris Olympics in multiple fields, supporting the International Olympic Committee (IOC)...