By fulfilling its end of the bargain in the programme, Grenada has received significant financial support and more is expected; now that programme is completed.
However, in an address to the nation on Thursday, Prime Minister Mitchell admonished Grenadians to ‘maintain the discipline’, saying that we are far from perfect; and also far from finished.
“The end of the Structural Adjustment Programme does not mean that we will return to the old days of waste and irresponsibility, or else we would have squandered the sacrifices that you made these last three years.We must maintain the discipline – for it is only through discipline that this hope will endure; and the foundation for the future that we have built will be solidified ,” PM Mitchell said.
The 2013 decision to engage the IMF support for the implementation of the Home Grown Structural Adjustment Programme was done against the backdrop of low or no growth, with the previous government even selling assets to pay salaries, a large and mounting debt burden, associated cash flow challenges and an urgent need to bring stability to the fiscal account.
As a result of the Programme, Government has been able to pay salaries on time; to pay salary and wage increases and backpay, and to expand social safety net programmes.
“The economy has returned to a positive growth path, expanding at an annual average of five per cent over the last 4 years,” Dr. Mitchell told the nation.