St George’s, Grenada: Prime Minister Dickon Mitchell and Permanent Secretary for the Ministry of Finance Mike Sylvester met with the International Monetary Fund (IMF) Article IV Mission Team on Thursday, May 25th, 2023, as per the update shared by the office of the Prime Minister of Grenada.
The delegation, which met PM Mitchell, was led by Huidan Lin, IMF Mission Chief. During the mission, Lin was accompanied by Li Lin and Weicheng Lian, along with representatives from the IMF Office of the Executive Director: Feargal O’Brolchain, Alternate Executive Director, and Latoya Smith, Senior Advisor.
The government of Grenada also elaborated on the implementation and working of the IMF in the country. It highlighted the functioning of the Monetary Fund depends on the Article IV of its Articles of Agreement.
“Under Article IV of its Articles of Agreement, the IMF has the mandate to exercise surveillance over the economic, financial and exchange rate policies of its members in order to ensure the effective operation of the international monetary system,” the social media post by the government informed the general public of Grenada.
It added that after surveying and reviewing the policies adopted by the administration of Grenada, the International Monetary Fund (IMF) praised it (the administration). It further suggested some useful and essential advice to protect and upgrade the sustainability of the public finances.
“Following the review, the IMF commended the Government of Grenada on the fiscal policies currently in place and provided valuable recommendations to preserve the sustainability of our public finances,” the government noted.
It further claimed that these include phased increases to the contributory rate and pensionable age for the National Insurance Scheme, measures to boost agricultural productivity and resilience to adverse weather conditions, and efforts to expand digitalisation, among others.
Prime Minister of Grenada, Dickon Mitchell, stated that the government will continue its working with the Monetary Fund, benefiting the citizens and residents. “We are committed to working closely with the IMF to maintain a sustainable economy for the benefit of all Grenadians,” he stated.