WASHINGTON, Nov 16 (Reuters) - The International Monetary Fund on Tuesday approved a $4.4 million emergency loan for Grenada to help the Caribbean island nation recover from the effects of Hurricane Ivan.
"The damage caused by Hurricane Ivan is estimated at over 200 percent of GDP (gross domestic product)," the IMF said in a statement."Tourism and agriculture, the two major sources of foreign exchange earnings, have been hit hard. The economy is projected to contract by over 3 percent in 2004, compared to a pre-hurricane projection of 4 percent growth," it said.
The IMF also said international donors will need to help Grenada fill its 2004-05 financing gaps as a result of the hurricane. A donor pledging session is scheduled for November 19 in Grenada.
