St. Vincent and the Grenadines is one of seven Caribbean countries which will benefit from funds to be provided by the Caribbean Development Bank, CDB, to counter the Covid-19 crisis.
The CDB said it is making close to US$67 million in emergency loans available to the seven Caribbean countries, to support their response to the pandemic.
Yesterday, the Bank’s Board of Directors approved 11.3-million for St. Vincent and the Grenadines; 13-million for Antigua/Barbuda; 15-million for Belize; 2.5-million for Dominica; 5.9-million for Grenada; 10.8-million for St. Lucia and 8.2-million for Suriname
CDB President Dr. Warren Smith said the provision of support to the seven countries to respond to COVID-19 and keep critical government services and operations running is urgent, to halt the economic decline and minimise social hardship, while giving focused attention to the most vulnerable people.
The emergency loans, made under CDB’s most concessional terms, are expected to provide vital liquidity and increase governments’ fiscal space to allow the countries to promptly meet their urgent financing needs without diverting resources away from critical social expenditures or health emergency needs