Grenada. According to Countryaah.com, Grenada Independence Day is February 7. Grenada was forced to borrow money from the International Monetary Fund (IMF) at the beginning of the year to cope with the economic setback that Hurricane Lili had caused. Lili pulled over the island in September 2002, causing major damage to fields, roads and other infrastructure.
The economy was also hit hard by a sharp fall in the price of nutmeg, which is by far the country’s most important export product. The price on the world market fell by a third and the forecast for G. economic growth during the year had to be written down. Every third inhabitant is dependent on nutmeg cultivation for their livelihood.
During the year, the country cleaned up the banking sector, which devoted itself to offshore operations. This means strict confidentiality rules that can facilitate financial crime. The tightening caused the US authorities to withdraw their instructions for financial cooperation with the country in June.
In the fall, Amnesty International called on Grenada to review the trials against the 17 people imprisoned on the island for the assassination of socialist leader Maurice Bishop in 1983. The human rights organization considered the trials to be flawed. However, the Government pointed out that the Truth Commission appointed in 2000 to investigate the events must first be able to complete its work.
In the November 27 parliamentary elections, Prime Minister Keith Mitchell and his party New National Party (NNP) were re-elected for a third term. However, the NNP’s victory was scarce: 8 out of 15 seats against the opposition National Democratic Congress (NDC) 7 seats. Before the election, the NDC had no seats in Parliament.
Grenada has experienced significant economic growth during Mitchell’s reign, and more and more people have been employed, which was considered to be the cause of the election victory. However, despite the NNP retaining power, the election was considered a hardship for the party, which previously held all seats in parliament.