by Linda Straker
- No new borrowing in second quarter of 2023, covering March to June
- Domestic and external debts lower at end of June 2023 than relative stocks at end of March 2023
- Total grant received for 2023 was EC$33.3 million, and EC$157.5 million for the same period in 2022
Grenada has received fewer grants from January to July 2023 when compared to the same period for 2022. According to data from the Ministry of Finance, the total grant received for 2023 was EC$33.3 million, and EC$157.5 million for the same period in 2022.
“Total Grants in July 2023 amounted to $0.3 million which was $5.8 million less than the target and $5.8 million less than the actual in July 2022,” said the July 2023 fiscal report. For all the previous months, the Government received less grant funding than targeted.
Coinciding with the reduced financial grants from regional and international donors was also a reduction in disbursement and new borrowings during the second quarter of 2023. There was no new borrowing in the second quarter of 2023, covering March to June.
“Total loan disbursements in quarter 2 (Q2) 2023 amounted to EC$12.8 million. EC$ 6.8 million was from the Republic of China accounting for 53.1% of total disbursements. The remaining 46.9% was from 3 multilateral creditors. In Q2 2023, disbursements were lower than they were in the previous quarter and the corresponding quarter in 2022,” said the latest Public Debt Bulletin from the Ministry of Finance. “Economic sectors for which funds were disbursed included agriculture, education and training, construction and infrastructure.” The Bulletin did not list the specific projects that received the funding.
With regards to the Government’s debt, at the end of June 2023, it was just a little more than EC$ 2 billion. The bulletin explained that total Central Government and Government Guaranteed Debt fell by 1.5% when compared to the end of March 2023, and 2.0% when compared to the end of June 2022.
“Both domestic and external debts were lower at the end of June 2023 than their relative stocks at the end of March 2023,” said the bulletin which explained that eternal Central Government Debt was EC$1,647.5 million or 45.2% of GDP at the end of June 2023. Non-bank financial institutions were the leading holders of domestic debt, they held 43.0% of the domestic portfolio as of 30 June.