ST. GEORGE’S, GRENADA, THURSDAY, JULY 9th, 2009_ Contrary to recent media reports and utterances, the Grenada government is not seeking a new arrangement with the International Monetary Fund (IMF), although the government will continue to work with the IMF to meet the terms of the Poverty Reduction and Growth Facility as agreed by the previous administration in December 2007. While government will continue to keep the Fund and other stakeholder agencies, informed of its strategies and measures to help Grenada recover from the current global financial crisis, there is absolutely no truth in recent statements that the government is seeking a new IMF programme. In recent months several leading agencies, including the IMF, Standards and Poors and the Institutional Investor Magazine, which monitors the economic performance of a number of countries, have given positive reviews of the government’s handling of the Grenada economy. The government has asked for the release of a disbursement of funds under the current PRGF programme following the IMF’s third review. This is not an application for a new IMF facility, but a request for a disbursement of funds already agreed to under the terms of the current PRGF programme. An International Monetary Fund Report in March, on the new government’s management of the economy said “reflecting the strong measures, taken after the new Government took office in July 2008, the authorities have made significant progress with their economic program, including a sizeable improvement in the fiscal balance.” Following another of its strategic reviews, the Fund also pointed out in June of 2009 that “Grenada has resolutely implemented its PRGF-supported program in the face of economic difficulties arising from the global economic downturn. Since the second half of 2008, tourism earnings, foreign direct investment and remittances have declined, which has led to a marked fall in economic growth and a projected shortfall in government revenue in 2009. The authorities have strengthened policies in response-in particular; they have tightened fiscal policy since the second half of 2008.” The Grenada government will continue to implement measures to strengthen the island’s financial management and productive sectors to take advantage of the benefits that will come when the global economy rebounds.