St. George's, Grenada - Thursday July 24th, 2008: The Leader of Her Majesty’s Opposition, Honourable Dr. Keith Mitchell, extends his thanks to the International Monetary Fund Executive Board for increasing the funding for Grenada from the initial USD $17.4 Million approved in April, 2006 to USD $19.4 Million announced on July 9th 2008. In accordance with the terms of the PRGF Arrangement, the announcement was accompanied by the availability of approximately USD $4.8 Million which when added to the USD $2.2 Million that had already been disbursed to the previous Administration, leaves approximately USD $12.4 Million to be released pending continued positive performance between now and 2010. The Executive Board clearly attributed their decision to the successful implementation of the programme over the last two years, commending the Mitchell led Administration for the country’s economic performance and implementation of the arrangement, noting that the net result could already be seen in the favourable economic outlook for the Nation. The Leader of the Opposition is equally pleased that the Prime Minister has indicated that his administration would continue Grenada’s positive relationship with the IMF, despite campaign assertions that the PRGF Arrangement is structural adjustment under a different name. The plan, which was approved in 2006, was developed by the Ministry of Finance as a strategic plan which outlines a step by step process for sharply reducing Grenada’s public debt, and improving Grenada’s financial sustainability and business climate among other things. The plan was also designed to increase social spending as Grenada’s economic performance improved. The Opposition will be keeping a watchful eye on the Government’s progress with the PRGF Arrangement to ensure that debt reduction, job creation, business development and social spending continue to improve while the positive economic outlook the Government has inherited is maintained for the benefit of all the people of Grenada. From: NNPnews.com