UN General Assembly
1994

affording us the historic opportunity to restore democratic principles to our way of life. It is therefore only natural that Grenada should wish Haiti well and should be prepared to support democracy in that country as fully as we do. Over the last several years many of the small developing countries within this Organization have been experiencing growing economic problems. The forced response has been to take stringent corrective measures aimed at stabilizing their economies and creating the conditions for sustainable development. Speaking specifically of my own country, Grenada, I can inform the Assembly that in 1992 we embarked on a voluntary three- year structural adjustment programme in an effort to correct serious fiscal imbalances and to put the country on a path of sustained growth. This year marks the end of the programme, and I am happy to report that some success has been achieved. The Government has significantly reduced the fiscal deficits from 25 per cent of gross domestic product in 1992 to 11 per cent in 1993 and 9 per cent to date.