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Date: July 29, 2013 at 02:03:06
From: News, [72.22.155.19]
Subject: QUICK INTERVENTION BY THE NEW ADMINISTRATION SAVES CDB

URL: http://www.facebook.com/nnpgrenada

 

ST. GEORGE'S, GRENADA, Friday, July 26, 2013 - GIS: Prime Minister Dr. the Hon Keith Mitchell says, that the speedy intervention by the New National Party Government after being returned to office in February, has saved the Caribbean Development Bank (CDB) from been downgraded a second time.

Prime Minister Mitchell made the revelation last week Wednesday, as he addressed the Media officially for the first time after being returned to office, following a landslide victory at the February 19th polls.

The CDB was previously downgraded as a result of Grenada defaulting on its payments.

Dr . Mitchell told reporters, that a payment was made since returning to office.

The issue of arrears surfaced while Dr. Mitchell was having a luncheon in Bridgetown with the management team of the CDB.

“To my surprise, they appealed to me saying, please make sure Grenada does not default again next week. We had to find US$ 2. something million to meet that payment”, Prime Minister Mitchell said.

He indicated, that they had to deliver on a timely manner.

“It was a good thing we did, because Standard and Poors was already calling to find out if Grenada was going to pay.”

He indicated, that government had to respond speedily to save the day.

“If we did not pay as they said to me, the Bank will be again downgraded, and the rest of the islands in the region were very much concerned because the Bank was downgraded before, and it will cost the other countries more money to raise funds for the CDB for development.” Dr Mitchell pointed out.

He took a swipe at the carefree and unprofessional approach of the National Democratic Congress (NDC) administration of former Prime Minister Tillman Thomas, who spoke much about transparency and good governance.

“Grenada’s irresponsible behavior over the years in not meeting its debt to the CDB, caused the other regional governments to suffer fiscally”, he revealed.


Government Information Service
Grenada


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