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Thursday, February 27, 2014
The Grenada government says it will not be able to pay as schedule the EC$12 million (One EC dollar = US$0.37 cents) in retroactive payment to public servants.
A government statement said that while the process of preparation for payment is almost completed, the Keith Mitchell administration ?is mobilizing external funding which has not yet arrived?.
The third installment of the retroactive payment to public officers, teachers, prison officers was due to be made on Friday and the statement said that all unions and welfare associations have been informed of the situation. This third installment will bring the total retroactive payment to $30 million with Government having paid $18 million in 2013.
An update will be made on March 17 as to when payment would be made.
Earlier this month, the Grenada government said it was urging trade unions to accept a three-year wage freeze as it seeks to enter into an agreement with the International Monetary Fund (IMF) to deal with an ailing economy. The IMF had earlier said despite two consecutive financial arrangements with Grenada, totalling more than US$28 million, the island missed the key programme objectives of securing a sustainable fiscal position and a higher growth path.
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