Grenada - First Review Under the Poverty Reduction and Growth Facility Arrangement, Request for Waiver of Performance Criterion, Financing Assurance Review, Request for Rephasing and Extension of the Arrangement, and Request for Augmentation-Staff Report; S (Electronic book text)

1. Grenada has made good progress with its home-grown economic program, which was launched with the 2006 budget and is supported by the PRGF. However, the sharp slowdown in global growth and the continuing global financial crisis have had a large adverse impact on growth, the external position, and fiscal revenue. As a result, it has been necessary to revise the policy framework for 2009 to address these challenges, while maintaining the key objectives of reducing public debt, reinvigorating growth through structural reforms, reducing vulnerabilities, and furthering the nation's social development agenda.