This follows approval by the IMF’s Executive Board on 17 July 2023. The Executive’s Board assessment and the full staff report can be accessed via this link: https://www.imf.org/en/Countries/GRD. The previous assessment was conducted in May 2022.
The IMF Report highlights Grenada’s achievements in navigating the recent crises, fostering robust economic growth, implementing prudent fiscal policies, and undertaking comprehensive structural reforms, underscoring Government’s prudent economic management in the past year. The Grenadian economy grew strongly in 2022 by 6.4% and is on track to expand further in 2023 by 3.9%, surpassing initial projections for both years. Global inflationary pressures were lessened by the Government’s swift policy response, including subsidising basic food and fuel prices. Public finances remain strong, and public debt is back on a downward path and is assessed to be sustainable. The financial sector is stable, liquid, and resilient to shocks, amid tightening global financial conditions.