The Government of Grenada is continuing to explore avenues of relief for persons who have been marginalised by the impact of the Covid-19 pandemic.
Prime Minister, Dr the Right Honourable Keith Mitchell, disclosed Wednesday that Government has secured a soft loan valued at US$8.95 million, at a variable interest rate of about 2.06%. The terms and conditions include a five-year grace period, with repayment over 20 years.
The money will be disbursed by the Caribbean Development Bank, through a joint initiative with the Inter-American Development Bank, which seeks to build health, social and economic resilience in Grenada and other OECS countries.
During his latest media engagement, the Prime Minister said, “The Covid-19 pandemic has marginalised many persons. Those of us who have continued to receive a salary throughout the pandemic, must understand that there are many who have been without an income for more than a year and they too have commitments and families that they need to take care of. While we do what we can to help those who are continuing to work but have difficulties, we have to spend a lot of time trying to help those who have nothing at all.”
Reiterating the various categories of workers who have been left without their livelihoods, the Prime Minister gave assurances that the Government has not stopped looking at ways to provide additional stimulus support.
He explained that the Ministry of Finance has been working in collaboration with the Ministry of Social Development and some of the social partners to determine the categories of persons who can be supported through this initiative.
The Ministry of Finance is working very closely with the Caribbean Development Bank in finalising the policy, proposals and format that will be used to implement the initiative.
Dr Mitchell disclosed that disbursements are expected to begin in August/September.