NEWS RELEASE

Prime Minister Meets with IMF Team

Wednesday, July 11, 2007, St. George’s: As part of the Article IV Consultation for 2007, the IMF team, headed by Ms. Nancy Wagner, held a preliminary meeting with Prime Minister, Dr. Keith Mitchell and Permanent Secretary Mr. Lennox J. Andrews, today at the Ministry of Finance.

At the meeting, Ms. Wagner outlined the new aspects of the Article IV Consultation to strengthen surveillance throughout the region, which focuses on exchange rates, competitiveness, financial stability, economic and fiscal conditions, and a separate component for debt sustainability analysis.

As part of the discussion, the Prime Minister took the opportunity to outline some of the major private sector projects that are currently on stream in Grenada, for example, the Point Marquis Project; the Grand Bacolet Project; the Mt. Egmont Project; and the projects of Mr. Peter De Savary. The Prime Minister outlined the potential economic benefits of these projects and expressed excitement in the fact that many of them are being undertaken by local investors.

The IMF team is scheduled to meet again with the Prime Minister at the end of the mission to discuss the findings.

Ministry of Finance

(473) 435-0057