The phrase ‘Washington Consensus’ was coined by John Williamson in reference to a set of policy tools that Washington based institutions, in particular, the IMF, World Bank and the US Treasury could agree upon as the appropriate policy solutions to the Latin American debt crisis. In sum, these policy tools prescribed economic stabilisation, liberalisation and privatisation for developing countries as the keys to development, (Rodrik, 2001). Those policies were deemed necessary to achieve growth, low inflation, a viable balance of payments, and equitable income distribution in the developing world. The policies that defined the Washington consensus included (1) fiscal discipline, (2) increased public expenditure on social services and infrastructure,
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By 1992, in response to a weak fiscal situation, Grenada had begun a “self-imposed” three-year structural adjustment program in which privatisation of SOE was an integral component. In that year, 90 percent of the shares of the National Commercial Bank were sold, with the majority shares going to the Republic Bank of Trinidad and Tobago, and 10 percent to Grenadians and others from the Eastern Caribbean. In addition, most of the government's shares in Grenada Breweries Ltd. were sold. Fifty percent of the shares in the power company, Grenada Electricity Services Ltd. (GRENLEC), were sold to an American Company—WRB Enterprises, Inc.—in 1994 (Ministry of Finance, Grenada, May 1994, pp. 3-4, p. 10). The sale of an additional 40 percent of government shares in GRENLEC occurred the following year. By 1992, in response to a weak fiscal situation, Grenada had begun a “self-imposed” three-year structural adjustment program in which privatisation of SOE was an integral component. In that year, 90 percent of the shares of the National Commercial Bank were sold, with the majority shares going to the Republic Bank of Trinidad and Tobago, and 10 percent to Grenadians and others from the Eastern Caribbean. In addition, most of the government's shares in Grenada Breweries Ltd. were sold. Fifty percent of the shares in the power company, Grenada Electricity Services Ltd. (GRENLEC), were sold to an American Company—WRB Enterprises, Inc.—in 1994 (Ministry of Finance, Grenada, May 1994, pp. 3-4, p. 10.) The sale of an additional 40 percent of government shares in GRENLEC occurred the following
By 1992, in response to a weak fiscal situation, Grenada had begun a “self-imposed” three-year structural adjustment program in which privatisation of SOE was an integral component. In that year, 90 percent of the shares of the National Commercial Bank were sold, with the majority shares going to the Republic Bank of Trinidad and Tobago, and 10 percent to Grenadians and others from the Eastern Caribbean. In addition, most of the government's shares in Grenada Breweries Ltd. were sold. Fifty percent of the shares in the power company, Grenada Electricity Services Ltd. (GRENLEC), were sold to an American Company—WRB Enterprises, Inc.—in 1994 (Ministry of Finance, Grenada, May 1994, pp. 3-4, p. 10). The sale of an additional 40 percent of government shares in GRENLEC occurred the following year. By 1992, in response to a weak fiscal situation, Grenada had begun a “self-imposed” three-year structural adjustment program in which privatisation of SOE was an integral component. In that year, 90 percent of the shares of the National Commercial Bank were sold, with the majority shares going to the Republic Bank of Trinidad and Tobago, and 10 percent to Grenadians and others from the Eastern Caribbean. In addition, most of the government's shares in Grenada Breweries Ltd. were sold. Fifty percent of the shares in the power company, Grenada Electricity Services Ltd. (GRENLEC), were sold to an American Company—WRB Enterprises, Inc.—in 1994 (Ministry of Finance, Grenada, May 1994, pp. 3-4, p. 10.) The sale of an additional 40 percent of government shares in GRENLEC occurred the following