All Grenada must be particularly concerned that fees from cruise ships are not going into the Government coiffeurs as a result of a loan dispute between this country and Taiwan.
That money would have no doubt been integrated into the state budget for Government expenditure.
The harsh reality is if this problem drags on the country’s all important tourism sector in particular and the economy in general could further diminish.
At the moment, there is no end in sight to this problem.
The Government is yet to face the nation and state clearly how they intend to resolve this matter.
Diplomatic and legal offensives can only do so much but at the end of the day the problem remains.
Ideas for ending the dispute seem to be coming from everywhere and political wrangling among the two main parties has not abated.
We maintain that both the ruling National Democratic Congress and the main opposition New National Party have to share the blame for this lingering fiasco.
In the case of the NNP, who governed the country when Taiwan won the summary judgment we question its strategy in dealing with the matter.
Why didn’t the Keith Mitchell government not update the loan before severing ties with Taiwan?
By allowing the loan to go into default the acceleration clause was violated and so Taipei called the loan as stipulated in the agreement.
It could well be that based on preliminary proposals from the Kepping Foundation that the previous government was hoping to complete the payments from funds from China.
The strategy of the ruling NDC is also called into question.
Why didn’t the Tillman Thomas administration not service the loan in its three years reign thus far even if the matter was now being played out in court?
The fact of the matter is, Taiwan court action aside, the loan has to be repaid.
The longer it’s delayed the bigger it grows in interest since it is attracting a US 5000 dollar a day .
Now in the presence of ongoing political recriminations and in the absence of clarity, the nation is being allowed to speculate.
One such speculation is the notion that Grenada has approached China in recent times to help it repay the loan.
Of course this has not yet been confirmed but the Government, and Prime Minister Tillman Thomas needs to deliver a national address stating clearly how this matter is being resolved.
It must be similar in stature to how the Grenadian leader announced plans to roll out projects, a job creation strategy or a plan to rescue the tourism sector.
When government already budgeted revenues are being threatened it does not take an economist to surmised gloom.
Therefore, the country does not need to be left in the dark on this one.©