As a direct result of the prolonged poor operational and financial performance of the Marketing and National Importing Board (MNIB), the Cabinet of Grenada approved the dissolution of the entity, including the assumption of all secured and unsecured liabilities of the MNIB.
The shouldering of these responsibilities creates significant additional unforeseen potential debt for the central Government.
The Government is therefore seeking to undertake a comprehensive and collaborative restructuring of MNIB debts by the end of May 2023. This includes the repayment or refinancing of these debts on terms and conditions that are consistent with the Government’s fiscal space.
In light of the foregoing, the Government is offering a 50% haircut on the outstanding claims to all secured and unsecured creditors.
The MNIB Board of Directors has provided a list of all outstanding MNIB debts to the Ministry of Finance. During the month of April, the Ministry of Finance will seek to verify all debts owed by the entity. All creditors are therefore requested to submit evidence of claims to the following email address [email protected] on or before 30 April 2023.
The Ministry of Finance thanks all relevant stakeholders for their kind cooperation in this regard and looks forward to a speedy conclusion of this exercise.
GIS
It’s so sad, the past administration fat and now this present administration has to smell it.
So unfortunate for the farmers but life is a give and take. And there’s an old saying that goes half a loaf is better than none
The 50% haircut is unreasonable and outrageous.
These are poor farmers you’re asking to eat their losses. These are same farmers the government claims to work with and improve their lives.