The Washington-based International Monetary Fund (IMF) has commended Grenada for the progress it has made to reconstruct the country after the widespread derstruction caused by Hurricane Ivan in September 2004 and nine months later by Hurricane Emily.

IMF’s Deputy Managing Director Agustin Cartens outlined the organisation’s position at a video conference held in St. Kitts last Wednesday that was telecast throughout the Eastern Caribbean Central Union region.

Carstens said the fund was “pleasantly surprised” at how well Grenada is recovering from the effects of Hurricane Ivan.

“I think that magnitude of shock they faced was remarkable damage of 200 percent of the Gross Domestic Product”, he added.

Carstens pointed out that the international community, including the IMF, has given grants and loans, and the country has been able to obtain debt relief through a successful debt restructuring agreement.

“The country’s own fiscal efforts have put the economy back on track where I think we can see growth exceeding 6 percent in the near future, helped by the reconstruction boom and preparation for the 2007 Cricket World Cup”, he said.

“I think that the economy is reaching a point where the attention of the government is shifting to putting together a medium-term economic program to boost growth and alleviate poverty”, he added.

The senior IMF official noted that Grenada has also made process in restructuring its public debt estimated at EC$1.5 billion.

Prime Minister Dr. Keith Mitchell was quick to add that the fund has provided tremendous sup[port to help Grenada get back on its feet.

He said: “Over the past years we have felt the IMF support as a friend and not for one moment did it dictate anything to us and this is what is admired by our people.

“You offer advice, we discuss and we arrive at a conclusion. A lot has been done for the spirit of togetherness in our country. It doesn’t mean to say that ...we are out of the woods.

“We need much more support and you can further use your influence at the international level to help us along the way.”

Hurricane Ivan left the Spice Isle with damages to all of its sectors and more than 90 percent of its infrastructure in shambles.

A year later, most of the damaged infrastructure have been repaired, and the tourism sector is showing signs of good improvements.