ST.GEORGE’S, Grenada,November 9th, 2011 -- The Grenada government has agreed to a recommendation by the Grenada Chamber of Industry and Commerce (GCIC) to explore a diplomatic solution to the current impasse with Taiwan, over a US $25M debt and the resulting court judgments against the island.

Prime Minister Hon. Tillman Thomas on Tuesday led a delegation to a meeting with the Executive and membership of the Chamber, at the GCIC Headquarters in Frequente, to bring them up-to-date on government’s efforts to address the situation.

“This is a national issue and we are working on all fronts to bring this matter to an end. Due to the current financial situation facing us and the global realities, Grenada is unable to meet the demand for full payment to the Taiwanese, so we are looking at all our options,” Prime Minister Thomas told the meeting.

He noted that the current situation demonstrates the importance of “meeting our financial obligations.”

“There have been statements in some quarters that when you incur debt, no one can come in and sell your country, but this is a clear demonstration of what can happen if you do not meet your obligations to your creditors,” the Prime Minister said.
    
Deputy Permanent Secretary in the Ministry of Finance, Mike Sylvester provided a comprehensive historical perspective of the loan arrangements and the issues which resulted in the current impasse, while the Minister of State in the Ministry of Information, Senator Glen Noel and Attorney General Rohan Phillip, provided the details of government’s current efforts to resolve the situation.

Sen. Noel told the Chamber that the Government is seeking the help of friendly government’s, both within and outside the region, to solve the problem, which resulted from Grenada’s failure to honor its debt to Taiwan in the period following  Hurricane Ivan in 2004.

“The meeting was very cordial and from the interaction, people are concerned about the impact this will have on our country. This is not about attaching blame but it is about getting all ideas on the table. We do not have a monopoly on ideas and we continue to seek the assistance of the Chamber and other partners in addressing this difficult situation,” Sen. Noel said.

Chamber President Aine Braithwaite welcomed the meeting and looked forward to further updates on “this important issue”.

The other members of the Government’s delegation included Mr. Aaron Moses of the Department of Public Administration and former President of the Chamber, Mr. Chris DeRiggs, Director, Private Sector Development, Ministry of Finance and former Executive Director of the GCIC and Press Secretary, Richard Simon.

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