FINANCIAL DATA AGENCIES CLEAR UP GRENADA BOND ISSUE
Written by GIS on March 10, 2018
Caribbeannewsnow.com has retracted their news release dated Thursday, March 1, 2018 because of incorrect information. The article purported that a bond issue by the Government of Grenada on February 8th 2018, was at EC$100 million with a maturity date for February 9, 2020, at 5.5 percent.
The Debt Management Unit of the Ministry of Finance has investigated the data source of the article, published on caribbeannewsnow.com relative to the issue increasing Grenada’s debt to GDP ratio. Through our due diligence, it was discovered that the article was not based on sound research: The source the news agency claimed to have referenced, (Bloomburg) was inflated and the information that was quoted from CBond, was incorrect.
Bloomberg has categorically stated that it has provided no information to the news agency and has no such information posted on its website.
CBonds Financial Data and Research has since admitted that the amount reflected in its system was incorrect and has made the necessary adjustments to show the correct amount of EC$10 million (US$ $3,703,731).
The Ministry of Finance believes that News entities have a responsibility to ensure that the information disseminated to the general public is verified from legitimate and authentic sources and cautions against entities making false references which is misleading to the public and can therefore result in an incorrect perception of Grenada on the international arena.
The Ministry invites entities to authenticate data, with its office in the future, since incorrect reporting can negatively affect Grenada’s image locally, regionally and internationally.
Despite the foregoing the Government of Grenada continues to reap positive results on the Regional Government Securities Market (RGSM) due to increased investor confidence.