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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”.

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