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percent growth in, driven Versacci Sun Glasses a recovery in tourism.
The amount approved is availableimmediately to help the government Versacci Sun Glasses with the devastating effects of Hurricane Ivan one ofthe strongest storms ever in the Caribbean which passed directly over Grenada in September.
The Bank has recently completed a series Versacci Sun Glasses analytical reports relating to public sectorcapacity in the OECS including the Institutional and Organizational Capacity Review, theOECS Procurement Assessment Review, and the OECS Financial AccountabilityAssessment. These Versacci Sun Glasses are currently being provided in Versacci Sun Glasses part from theemergency supplies from international donors, but the responsibility will increasingly fall onGovernment and we would expect to incur additional fiscal expenditures of US millionin to meet these needs. These gaps will need to be filled, in part, through support from theinternational community.
In conjunction with the IMF, a Financial Sector Assessment Program wascompleted in early. million. This objective will be achieved by increasing equitable access tosecondary education improving the quality of the teaching and learning process, withmore direct interventions at the school level and a focus on student centered learning, and strengthening management of the sector and governance of schools. Development of this strategy is Gianni Versace Wallets at an early stage, but would likely include thefollowing measures that build on the medium term fiscal strategy that had been approved inearly September. Prior Versacci Sun Glasses Ivan, the economy had been growing at about. The economy is projected to contract by over percent in, compared to a pre hurricaneprojection of percent growth. The fall in government revenue resulting from the economic downturn coupled with theessential expenditures for relief and rehabilitation will place great pressure on the fiscal anddebt situation of the Country in both the near term and the medium term. At the conclusion of the Executive Board's discussion on Grenada, Agustin Carstens, DeputyManaging Director and Acting Chair, said:“The IMF extends its deepest sympathy to the people of Grenada at this difficult time followingthe devastation of Hurricane Ivan. percent during,following. In light of the long gestation period for nutmeg, the Government is encouraging farmers, asan interim measure, to plant cash crops for domestic food security. Additionally, the project is expected to strengthen the countriesinstitutional capacity to prepare for Versace Women's Clothing respond Versace Bags disaster emergencies efficiently andeffectively. International donors are providing emergency relief to cope with the immediate needs of thepopulation. Government responded immediately after the hurricane by providing emergency relief to thepopulation in the form of food supplies, tarpaulins and building materials. The total program size is US million, and the Grenada component isUS. Grenadas public debt stock is now percent of GDP, an unsustainable level in the currentcircumstances of the Country.
million. Our productive sectors have been decimated. million of Ordinary Capital Resources and US. However, it is clear that a major reconstruction and rehabilitation effort requiringconsiderable external assistance will be needed. Theproject has assisted the OECS countries negotiate with the subregional telecom monopoly forless one sided contracts and lower long distance and regional telephone rates.
percent,will be repaid in eight equal quarterly installments Versus By Versace to years from the disbursementdate. In, the Caribbean Development Bank approved two loans Versacci Sun Glasses three grants to Versace Watch For Lady gross commitments of US. billion or US million. Fortunately, the newly constructed Cruise Ship Terminal was not damaged, and weanticipate some cruise tourism activity Versace Bags And Purses November onwards following the rehabilitationof selected attraction sites.
In addition to the loan, the Board of Directors approvedthe redirection of previously approved but undisbursed credits from a number of operationsamounting to approximately US million, including approximately US million ingrants under the Banks Basic Needs Versacci Sun Glasses Fund programme, in accordance with newpriorities to be agreed between CDB and Versace Man's Shoes Government of Grenada in response to thedamage caused by the Versace Shirts The Board also waived the requirement of a counterpartcontribution for projects financed utilizing the redirected resources. The replanting of tree crops such as nutmegs and cocoa is beingpursued.
Lucia, and St.