Paris Club agrees to restructure $16 million of Grenada's debt

By Reshmi Basu

New York, May 15 - The Paris Club said it has reached an agreement with the government of Grenada to restructure $16 million of the country's external debt.

Under the agreement, 90% of the debt will be reduced. Medium- and long-term claims are to be repaid over 12 years and include a five-year grace period.

The agreement covers debt owed as of Jan. 1, 2006 as well as maturities falling due between Jan. 1, 2006 and December 2008.

Formed in 1956, the Paris Club is an informal group of creditor governments from major industrialized countries.

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