Grenada Successfully Negotiates Settlement Agreement With Libya To Clear Long-Standing Debt Arrears

PR – The Government of Grenada successfully negotiated the settlement of  US$5 million in longstanding debt arrears owed to the State of Libya. These debts were  contracted in the 1980s by the People’s Revolutionary Government (PRG).  

Longstanding unresolved debt arrears to Libya, Algeria, and Trinidad and Tobago have  adversely affected Grenada’s credit rating, placing the country in the category of “Selected  Default” or “SD.” 

The Government of Grenada will continue to make concerted efforts to resolve the remaining  debt arrears to Algeria and Trinidad and Tobago, respectively, as regularisation of these arrears  will greatly assist in unlocking the financial resources needed to support government’s  transformational agenda. 

The settlement agreement was signed in Washington, D.C. yesterday by Libya’s Minister of  Finance, His Excellency Dr. Khalid Al Mabrouk Abdalla, and Grenada’s Minister of Economic  Development, Planning, Tourism, ICT, and the Creative Economy, Honourable Lennox  Andrews, on behalf of Prime Minister and Minister of Finance, Honourable Dickon Mitchell. 

Honourable Lennox Andrews is currently in Washington, D.C. attending the 2022 Annual  International Monetary Fund (IMF) Meetings.