(Jamaica Gleaner) The World Bank has suspended disbursements to Grenada after seven loan defaults in February.
The Washington-based financial institution said no new loans would be issued to Grenada unless the island makes good on the overdue payments amounting to US$750,000.
The payments were due on February 15 and the World Bank has written to Prime Minister Dr Keith Mitchell saying failure to make the loan payments on time is hampering its ability to assist other member countries.
The World Bank told the new government that it has been forced to take this action since the seven payments are more than 30 days overdue.
