Grenada - Public Sector Modernization Technical Assistance Project : restructuring (Vol. 1 of 2) : Main report

 Document of The World Bank Report No: 68511-GD RESTRUCTURING PAPER ON A PROPOSED PROJECT RESTRUCTURING OF PUBLIC SECTOR MODERNIZATION TECHNICAL ASSISTANCE CREDIT DECEMBER 15, 2005 TO GRENADA June 7, 2012  ABBREVIATIONS AND ACRONYMS DO Development Objective PDO Project Development Objective Regional Vice President: Hasan Tuluy Country Director: Francoise Clottes Sector Manager / Director: Arturo Herrera Gutierrez/ Rodrigo A. Chaves Task Team Leader: Kathy Lalazarian 2  GRENADA — PUBLIC SECTOR MODERNIZATION TECHNICAL ASSISTANCE CREDIT P082392 CR4137-GD Restructuring Paper 1. The proposed restructuring would extend the closing date for the Grenada Public Sector Modernization Technical Assistance Credit, Cr4137-GD, by nine months from the current closing date of June 30, 2012 until March 31, 2013. The original closing date of the Credit was December 31, 2010 which was previously extended by 18 months to the current closing date of June 30, 2012 in October 2010. Accordingly, this restructuring would cumulatively extend the Credit closing date by 27 months from the original closing date. The extension through March 31, 2013 was requested by the Minister of Finance of the Government of Grenada in a letter dated April 6, 2012. 2. The Project’s Development Objective (DO) is rated Moderately Unsatisfactory due to delays in implementation that does not allow for any change in results indicators to be attributed to the Project. However, the Project’s Implementation Progress has been recently upgraded to Moderately Satisfactory given significant advances under Component 1 (Enhanced Departments and Performance Management), the major component of the project that accounts for 60% of total Project cost. 3. The satisfactory achievement and sustainability of the Project Development Objective (PDO) would only be possible with the completion of all activities under Component 1 as these would be necessary for modernizing the public sector that would then contribute to achieving efficiencies in the delivery and management of services with respect to registering property and starting businesses which are PDO-level outcome indicators. Completion of Component 1 activities would require an extension of the current Closing date of June 30, 2012. The proposed extension would enable the Project to complete critical activities and thereby enhance the prospects for achieving the PDO. Accordingly, with the approval of the closing date extension, the team would be able to upgrade the DO rating. 4. This would be the second and final extension of the Credit closing date. 3