UID:
(DE-602)edoccha_9959301361902883
Format:
1 online resource (59 pages).
ISBN:
1-4843-1317-8
,
1-4843-1322-4
Series Statement:
IMF Working Papers
Content:
This paper documents the two debt restructurings that Grenada undertook in 2004–06 and 2013–15.Both restructurings emerged as a consequence of weak fiscal and debt situations, whichbecame unsustainable soon after external shocks hit the island economy. The two restructurings provided liquidity relief, with the second one involving a principal haircut. However, the first restructuring was not able to secure long-term debt sustainability. Grenada’s restructuring experience shows the importance of (1) establishing appropriate debt restructuring objectives; (2) committing to policy reforms and maintaining ownership of the restructuring goals; and (3) engaging closely and having clear communications with creditors.
Additional Edition:
ISBN 1-4843-1103-5
Language:
English
