by Linda Straker
- 24 October sitting is continuation of 17 October sitting
- Finance Minister signed with SFD in mid-October
- Loan expected to help develop climate-smart infrastructure
Press Secretary Neila Ettienne said that details about the US$100 million loan that Grenada signed with the Saudi Fund for Development (SFD) on the fringe of the World Bank/International Monetary Fund meeting in mid-October, will be disclosed during the 24 October 2023 sitting of the Lower House.
“Details of the terms and conditions were not available… it will be brought up in the Parliament tomorrow,” she responded via text on Monday after an email was sent on 18 October seeking the terms and conditions of the loan.
Finance Minister Dennis Cornwall signed the loan agreement approximately 2 months after Members in both Houses of Parliament approved a resolution which gave the government the authorisation to borrow US$100 million from the Fund. This is Grenada’s first loan from SFD and as a result, has become the 91st nation to receive financial assistance.
The loan, according to a news item on the Arabnews website is expected to help develop climate-smart infrastructure in the towns of St George’s, Grenville, and neighbouring areas in Grenada.
“The project will include constructing breakwaters, developing hydro and sewage networks, modernizing the waste treatment system, and using remote sensors to monitor air pollution, thus helping the Caribbean nation become more environmentally friendly and climate-smart,” said the news item which quoted from a release disseminated by the Fund.
The 24 October sitting is a continuation of the 17 October sitting. The main items on the agenda are the Fiscal Resilience Bill which is replacing the Fiscal Responsibility Bill and Public Debt Management (Amendment) Bill, 2023. Both bills are expected to be tabled for debate and approval by Minister Cornwall.
The Government Information Service (GIS) has issued an invitation to the public to attend the proceedings which will also be broadcast live. “Here is your opportunity to learn more about the business of the government through the Bills and Motions to be tabled and the debates that will follow,” said the invitation.
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What are the primary resources of this Island? Are the 5 economic sectors of Grenada being structured as they should? Is value given to the fertile land and precious water this island is blessed with? Is the people being trained for self-sustainability? Just asking.
Grenada has too many loans… I see trouble coming.
Well you are right on that one.
They may have lots of loans but they are all different in a sense of paying back, the terms, etc.