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Sovereign Debt Restructurings in Grenada: Causes, Processes, Outcomes, and Lessons Learned

Author

Listed:
  • Mr. Tamon Asonuma
  • Xin Li
  • Mr. Michael G. Papaioannou
  • Mr. Saji Thomas
  • Eriko Togo

Abstract

This paper documents the two debt restructurings that Grenada undertook in 2004–06 and 2013–15.Both restructurings emerged as a consequence of weak fiscal and debt situations, whichbecame unsustainable soon after external shocks hit the island economy. The two restructurings provided liquidity relief, with the second one involving a principal haircut. However, the first restructuring was not able to secure long-term debt sustainability. Grenada’s restructuring experience shows the importance of (1) establishing appropriate debt restructuring objectives; (2) committing to policy reforms and maintaining ownership of the restructuring goals; and (3) engaging closely and having clear communications with creditors.

Suggested Citation

  • Mr. Tamon Asonuma & Xin Li & Mr. Michael G. Papaioannou & Mr. Saji Thomas & Eriko Togo, 2017. "Sovereign Debt Restructurings in Grenada: Causes, Processes, Outcomes, and Lessons Learned," IMF Working Papers 2017/171, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2017/171
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    Citations

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    Cited by:

    1. Beers, David & de Leon-Manlagnit, Patrisha, 2019. "The BoC-BoE sovereign default database: what’s new in 2019?," Bank of England working papers 829, Bank of England.
    2. Beers, David & Mavalwalla, Jamshid, 2018. "The BoC-BoE sovereign default database revisited: what’s new in 2018?," Bank of England working papers 739, Bank of England.
    3. Daniel C. L. Hardy, 2022. "Alternatives in the Design of Sovereign Green Bonds," wiiw Policy Notes 62, The Vienna Institute for International Economic Studies, wiiw.
    4. Tamon Asonuma & Michael G. Papaioannou & Gerardo Peraza & Kristine Vitola & Takahiro Tsuda, 2017. "Sovereign Debt Restructurings in Belize: Debt Sustainability and Financial Stability Aspects," Journal of Banking and Financial Economics, University of Warsaw, Faculty of Management, vol. 2(8), pages 5-26, October.

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