St. George’s, Grenada, March 25, 2009 (AP) – The International Monetary Fund hopes to double a loan aimed at reducing poverty in Grenada.
IMF official Katherine Patillo says the new government of Prime Minister Tillman Thomas has reduced debt and spending since winning the general elections last July.
Patillo said Tuesday that she will recommend a $25 million loan instead of the $12 million originally planned.
Grenada is still struggling to rebuild from devastating hurricanes in 2004 and 2005 that damaged the island's tourism-based economy. But the Caribbean island's finances are improving.
Grenada is one of 78 impoverished countries eligible for the IMF's Poverty Reduction and Growth Facility program.
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