ST. GEORGE'S Grenada, November 12th, 2012 -- Standard & Poor recently lowered its foreign currency sovereign credit ratings on Grenada following a missed bond payment by the National Democratic Congress (NDC). The affects on Grenada will be devastating.
Therefore, the official Opposition, New National Party (NNP), is again calling upon the NDC too urgently reconvene parliament to allow for a debate on the state of our crippled economy
This downgrade further weakens whatever little investor confidence there is in the current administration whose tenure has been marked by low growth and high debt and further confirms the mismanagement of the economy under the failed economic policies of Prime Minister, Tillman Thomas and Finance Minister, Nazim Burke.
The prospects for any positive action in the local economy, already extremely dim before this latest report, will be further debilitated and so we call on the Prime Minister, who no longer has the support of the majority of parliamentarians, and indeed the people of Grenada, to allow for the nation to collectively decide its destiny.
The New National Party recently outlined a 10-point agenda to help kick start this ditched economy. However, none of this can happen in the absence of confidence. Confidence is, indeed, the fuel that drives any economic revival.
It is now clear that Grenada's economic revival will only begin when the architects of this failed policy are removed from office. NDC's failed economic policy has increased poverty throughout the island and engineered a sense of complete hopelessness.
The pain and suffering of Grenada, Carriacou and Petit Martinique is being further prolonged by their refusal to call parliament to allow for debate on the economic direction of the country.
As a result our nation will continue to suffer on their selfish, short-term political agenda. Grenada cannot continue to be held to ransom while the NDC seek to settle political scores
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Statement from the Hon. Anthony Boatswain, former minister of finance, on the recent downgrade of Grenada’s rating from Standard and Poors
Grenada News