ST. GEORGE’S, Grenada, Jun 15 2015 – Prime Minister Dr. Keith Mitchell says Grenada has been able to revive its ailing economy over the past 27 months, but appealed for continued belt tightening so as to ensure the island’s future socio-economic stability.
In his first address to the nation this year, Mitchell also announced a minor Cabinet re-shuffle which he said would take effect from June 15.
In his television and radio broadcast, Prime Minister Mitchell said that when his New National Party (NNP) came to office in 2013, it inherited a dismal and dire situation with “virtually no growth from 2009-2012.
In addition, he said, unemployment was more than 40 percent, public servants were paid late and the government was selling assets to meet its financial obligations.
He said unpaid claims totaled more than EC$110 million at the end of 2012 and government’s monthly deficit had reached EC$16 million.
Mitchell said that his administration implemented a strategy to restructure the public debt and since 2013, it had been able to pay EC$580.2 million to its creditors.
He said in 2015, Grenada will spend more than EC$300 million on debt repayments.
In his broadcast, Prime Minister Mitchell also announced that several projects would result in increased employment opportunities and recently, Grenada’s Foreign Minister joined Chinese investor, Charles Liu in Beijing, to market a two billion US dollar resort and villa development in Grenada.
“More details on this mega-investment will be shared soon and hundreds of jobs will be created,” Mitchell said, adding that at least 10 additional projects will begin within the next few months.
Prime Minister Mitchell also announced minor Cabinet re-shuffle involving mainly junior ministers adding “I wish to make it abundantly clear that these adjustments will not cost the taxpayers of this country, one additional cent.