The World Bank Board of Executive Directors approved on 17 December 2020, the US$25 million Grenada Covid-19 Crisis Response and Fiscal Management Development Policy Credit.
This quick-disbursing financing will support the country’s efforts to respond to the Covid-19 crisis in the short term and enhance long-term sustainability and resilience.
“In recent years, the Government of Grenada has made significant progress on economic reforms and fiscal consolidation. The Covid-19 crisis, however, has had a disproportionate socio-economic impact on highly tourism dependent small island economies, including Grenada,” said Tahseen Sayed, World Bank Country Director for the Caribbean. “This operation aims to help Grenada weather the current crisis, support livelihoods and enhance resilience.”
The Covid-19 pandemic has hit Grenada hard. Although the number of Covid-19 cases has been relatively low, the economic contraction has been severe: GDP is projected to contract by 12% in 2020. This World Bank financing is expected to help the government to strengthen the country’s health systems and protect livelihoods through financial assistance to the tourism sector, the agriculture sector, and small businesses. The operation also supports the country’s medium-long term structural reforms to improve fiscal management and debt transparency, enhance climate resilience, and strengthen public accountability.
This operation builds on Grenada’s strong collaboration with the World Bank on strengthening resilience to disasters, building the Blue Economy, and further enhancing fiscal sustainability. The financing, which is from the International Development Association (IDA), is interest-free with a maturity of 40 years, including a grace period of 10 years.
World Bank
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The ministers will be smiling all the way to the bank. Let us what $25 million got us in six months time.
Another bombshell which is far more serious than state we are in currently.
Look at what is happening Grenadians and listen good as your government is given $25m US dollars to assist the country at this difficult time.
The money is interest free for a period of 40 years and they don’t have to pay anything back for 10 years.
Grenada projected GDP for this year is 12% and IDA is not going to put any serious guidelines on how the money is spent but we have to our Health system at the front.
Now I am sure most of you knows that if there was a real sick person here with the so called virus and need all the medical attention required…we don’t stand a chance.
Hi mr. keith Michelle, this is good news that $25m. From the USA to help the economy due to covid-19 is very appreciated by the people, who are Grenadians living abroad. Merry Christmas, and happy New Year to all Grenadians.