by Linda Straker
- Caribbean Development Bank approves US$140 million to tackle economic fallout from Covid-19 pandemic
- Concern that situation could be exacerbated in near future given hurricane season less than 2 months away
Grenada and other members of the Caribbean Development Bank (CDB) stand to benefit from US$140 million which the Board of Directors approved for use by the bank’s Borrowing Member Countries to tackle the fallout from the Covid-19 pandemic and other shocks to their economies.
CDB is often the main partner that several the Borrowing Member Countries rely on for financing, technical assistance and policy advice during crises. “The US$140 million allocation is the first of a package of assistance that CDB is developing to assist our Borrowing Member Countries to cope with Covid-19. Our financing and technical assistance, during this period, will be directed mainly towards the most vulnerable within our societies and give the highest priority to strengthening social safety nets,” stressed CDB President, Dr William Warren Smith. “The economic and social shock of the Covid-19 pandemic will likely be severe in most Caribbean countries. There is the additional concern that the situation could be exacerbated in the near future given our region’s vulnerability to natural disasters, and with the hurricane season less than 2 months away. We, at CDB, stand ready to assist Caribbean countries to alleviate these shocks.”
“Taking into account the high degree of uncertainty, it is expected that at least 1-2% could be shaved off previous estimates of global growth as a result of Covid-19. For the Caribbean Region, as a whole, the impact could be even more profound,” said a news release from the bank.
“The extent of decline of gross domestic product will depend on the duration of the pandemic and the effectiveness of the policy responses by the countries. Our goal is to ensure our Borrowing Member Countries get access to appropriate financing during the Covid-19 pandemic and to be their partner in the post-crisis recovery,” said Dr Smith.
CDB has responded to its Borrowing Member Countries’ need for assistance during this crisis by increasing the limit on its policy-based loans. These loans are designed to respond to exogenous shocks and to support economic growth and poverty reduction through policy reforms. Since the first policy-based loan in 2006, CDB has provided some US$875 million for such loans.
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How about using some of the billion dollars to upgrade Grenada to latest technology. A recent post stated electricity (cables, Skype), was being upgraded at a cost and there was some gripe over that.
YES agree with above. NO MONEY in any household means NO FOOD, NO INTERNET so no Access to INFORMATION.
Let’s get this country back to work. Wearing MASKS and GLOVES.
This money should be used to help the needy and that means every household on lockdown.. The cash can be turned into stupens payable directly from our Grenadian government to institutions; banks to cover at least 90 day mortgage, loans etc and for light, gas phone, cable and internet companies. The kids are home and are being homeschooled via the internet.. small businesses need financial assistance. I hope and pray that the CARIBBEAN DEVELOPMENT BANK SETS UP AN ACCOUNTABILITY SYSTEM TO MONITOR PROPER USAGE AND INTENT OF THE MONIES’ DISBURSEMENT.
To all the Caribbean leaders it’s a good thing to ask the C D B to help in this trying time of no fault of any one of us . But I do pray when you leaders get the money you help the public in they everyday life cause you know and see that the world is lockdown . And no no body is working meaning that these poor poor people don’t have a way of living especially if you still have your both senior parents alive , and kids, loves ones still have to depend on the family abroad to help them even though them too are In lockdown. The light bills, water bills, cable bills , Internet bills, and mortgage and bank loan, still looking out for they money. Hope you leader use that money wise and think about your people . Cause the hurricane season is also coming soon.
Well said. Yes,. I pray they use the money wisely for the people of the Caribbean islands. . Because this pandemic is threatening the very fabric of our nation. May the people of Grenada stand strong and continue to help one another. God bless.