Document of
           The World Bank


                                   Report No: 65212 v1




        RESTRUCTURING PAPER

                ON A

   PROPOSED PROJECT RESTRUCTURING
                  OF
PUBLIC SECTOR MODERNIZATION TECHNICAL
       ASSISTANCE CREDIT PROJECT

               CREDIT

          DECEMBER 15, 2005


               TO THE

       GOVERNMENT OF GRENADA


           OCTOBER 13, 2011
                     ABBREVIATIONS AND ACRONYMS




IDA International Development Agency
PAD Project Appraisal Document
SDR Special Drawing Rights




             Regional Vice President:        Pamela Cox
                    Country Director:        Francoise Clottes
            Sector Manager / Director:       Arturo Herrera Gutierrez
                   Task Team Leader:         Kathy Lalazarian



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                    GRENADA — PUBLIC SECTOR MODERNIZATION
                         TECHNICAL ASSISTANCE CREDIT
                                    P082392
                                  CR4137-GD

                                 Restructuring Paper


1.   Proceeds for Grenada, Public Sector MODERNIZATION TECHNICAL
ASSISTANCE CREDIT, Cr4137-GD, P082392 will be reallocated as follow:

  Category of Expenditure               Allocation            % of Financing
   Current        Revised         Current        Revised    Current     Revised
                                              (using PAD
                                                 original
                                                exchange
                                                  rate of
                                                 SDR1 =
                                               USD1.40)
1) Goods,            No Change   1,634,000     1,669,150    100%      No Change
   training,
   works and
   consultants’
   services for
   the Project
   with       the
   exception of
   Parts 1 (B)
   and 3 (A)
   (ii)
2) Goods and         No Change    368,000       590,000     100%      No Change
   works for
   Part 1 (B)
   under the
   Project
3) Consultants’      No Change    93,000         40,000     100%      No Change
   services for
   Part 3 (A)
   (ii) under
   the Project
4) Operating         No Change    162,000       150,850     100%      No Change
   Expenditure
5) Unallocated       No Change    243,000         50,000
 Total Amount                    2,500,000      2,500,000


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2.      Following the restructuring in September 2010, implementation performance has
improved albeit slowly. Prospects for achieving the revised project development
objective by closing date of June 2012 remains positive given continued Government
commitment as demonstrated by the Cabinet approval of the Framework Document to
guide the implementation of the Grenada Lands Agency. In terms of disbursement, total
disbursements to date are equivalent to 40% of the IDA Credit with the balance expected
to be disbursed during the remaining implementation period and following this proposed
reallocation.

3.       The proposed reallocation is necessary to finance the key activities that will
facilitate the proper functioning of the two Enhanced Departments (Corporate Affairs and
Intellectual Property Office and Lands Agency) following their amalgamation under the
project which are critical to achieving the revised project development objective.




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