Grenada is seeking debt relief from Libya and assistance to repay a number of loans to the Export-Import Bank of the Republic of China in Taiwan, Finance Minister Nizam Burke has announced.
He said that negotiations have begun between the Tillman Thomas administration and the Libyan government in Tripoli.
The Export-Import Bank issued a formal demand notice to the Thomas government last year, threatening to pursue all legal avenues to recover the outstanding US$26 million.
Burke told reporters that they are currently in discussions with Libya with respect to the Taiwanese debt, seeking some relief.
He added that they've had very good discussions with Libya and that these negotiations are at a fairly advanced stage.
A court in the United States had ordered the Grenada government to repay the money after the previous administration had failed to service the loan.
The money owed includes loans taken to facilitate construction of the national athletic stadium, which was severely damaged by Hurricane Ivan in 2004, a complex to house government ministries, road construction as well as to revive the agriculture sector.
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