by Linda Straker
- Article IV Consultation regarded as “economic health check” of a country was last conducted in May 2023
- IMF team comprise representatives from World Bank Group, Caribbean Development Bank and Eastern Caribbean Central Bank
- Article IV Consultation provides recommendations on a broad range of issues
A team from the International Monetary Fund (IMF) is currently in Grenada conducting the annual Article IV Consultation with Government, opposition parliamentarians, the private sector and civil society.
“I can confirm that the IMF is currently in Grenada conducting the Article IV Consultation until Friday, 14 June,” Press Secretary Neila Etienne responded after an inquiry was sent to her office.
The Article IV Consultation is regarded as the “economic health check” of a country. The previous Article IV Consultation for Grenada was concluded in May 2023. Traditionally, besides officials from the IMF the team will comprise other such as representatives from the World Bank Group, the Caribbean Development Bank (CDB), and the Eastern Caribbean Central Bank (ECCB).
While in Grenada, the team is expected to hold discussions with various stakeholders including the Leader of His Majesty’s Opposition; representatives from the Grenada Authority for the Regulation of Financial Institutions (GARFIN); statutory bodies; Banker’s Association; the non-bank financial sector; Grenada Chamber of Industry and Commerce (GCIC); representatives from civil society organisations and the trade union movement.
The IMF’s Article IV Consultation provides recommendations on a broad range of issues including fiscal, monetary, and exchange rate policy; healthcare and pensions; labour market policy (including wages, unemployment compensation, and employment protections); and numerous other policy issues.
At the end of the 2023 consultation, the team in its statement said that the economic growth in Grenada is expected to continue in the year 2023, although at a slower pace of 3.9% and it will be led by activity in tourism-related sectors.
