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| Taiwan said the former Keith Mitchell government did not repay the money that was borrowed between 1990 and 2001. A court in the United States had previously ordered Grenada to repay the money, following the failure of the then government to service the loans. | |
ST GEORGE'S, Grenada, May 11, 2009 - The Grenada government is considering the options available to it now that Taiwan has demanded that it immediately repay four loans given to the previous administration.
The Export-Import Bank of the Republic of China on Taiwan has issued a formal demand notice to the Tillman Thomas government warning that it will pursue all legal avenues to recover the outstanding US$25 million.
Taiwan said the former Keith Mitchell government did not repay the money that was borrowed between 1990 and 2001. A court in the United States had previously ordered Grenada to repay the money, following the failure of the then government to service the loans.
"Government is considering all its options as it seeks to resolve this matter. As a first step, Government will need to retain new legal consul in New York where the judgment was rendered to ensure Grenada's interest is adequately represented," said Finance Minister Nazim Burke.
Grenada severed diplomatic relations with Taiwan in January 2005 and re-established ties with China.
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