Dominica among three ECCU countries to benefit from IMF $65M Covid support fund

Tao Zhang, IMF Deputy Managing Director and Acting Chair

The International Monetary Fund said on Tuesday that it has approved US$65.6 million for Dominica Grenada, and St. Lucia to help address the challenges posed by COVID-19.

The funding is being made available under the Rapid Credit Facility.

IMF financing support provides resources to the countries’ authorities for essential health-related expenditures and income support to ease the impact of COVID-19 on the population.

Dominica will receive US$14 Million while St. Lucia gets US$21.4 Million and US$ 22.4 Million goes to Grenada.

Mr. Tao Zhang, Deputy Managing Director and Acting Chair said these countries are small states that are very vulnerable to shocks, including large natural disasters, with Dominica in particular, still recovering from the devastation of Hurricane Maria in 2017.

“The COVID-19 pandemic poses a major challenge to Dominica, Grenada, and St. Lucia. Their key tourism sectors have been hit hard by the shock. The contraction in tourism is expected to have a major impact on their economies, by causing ripple effects across all economic sectors, eroding fiscal revenues, and creating urgent balance of payments pressures. In addition, these three small states are also highly vulnerable to natural disasters,” Zhang said.

He said further the governments of Dominica, St Lucia and Grenada have responded to the pandemic by swiftly implementing containment measures, allocating scarce budgetary resources to critical health care spending, and introducing income support to the most affected sectors and households.

“Protection of the financial system will help cushion the economic impact of the pandemic. Measures have also been taken by the Eastern Caribbean Central Bank to facilitate the provision of credit and safeguard financial stability,” Zhang added

The IMF, according to him, will continue to be engaged with Dominica, Grenada, and St. Lucia and stands ready to provide policy advice and further support as needed.

Dominica, Grenada and St. Lucia are members of the Eastern Caribbean Currency Union (ECCU), and the disbursements would support macroeconomic stability and facilitate the subsequent economic recovery of the region.

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17 Comments

  1. lion king
    May 5, 2020

    When I see a Chinese face at the head of the IMF I get worried. I think you the Chinese Communist Party and it’s globalists penetration agenda.

  2. Tip for you
    May 3, 2020

    The media is just fake, never believe everything the media tells you, they only let you know what they want and steer your thinking in a certain that way, open your eyes and mind and read with curiosity and read all external {credible} sources related to the news they give
    .. This news is limited, editied, and sometimes corrupt… Please research my people… We need not leaders that will put us in more debt than before where are all these billions and millions going ? We need to address the public offenses happening in plain site!!!!!

  3. Bwa-Banday
    May 1, 2020

    Another Chinese again??? Dcans be careful!

    Go to YouTube and watch this documentary and you will see how the Chinese plants people in place to do their dirty work including Hong Kong, Taiwan, Australia etc.

    WORLD EXCLUSIVE: Chinese spy spills secrets to expose Communist espionage | 60 Minutes Australia

    With all the students and police officers going to China to study, and the coordinated stealing of the last election….Dominica in trouble. Our own spying on us all now to make sure “others” stay in power. You see the size of the embassy in Morne Daniel? Be afraid people, be very afraid! COVID19 and election is just the beginning….

  4. Tic tok tic tok.
    April 30, 2020

    A Chinese Again! They are in Every source. Dominicans think that it’s Skeritt running Dominica – As he once said, “I run things in Dominica.” Another BIG LIE. China runs Dominica and only the Honorable Linton will fix that B/S.

    Well-loved. Like or Dislike: Thumb up 9 Thumb down 3
    • Ti Garcon
      April 30, 2020

      Linton days are done! If he himself doesn’t want to respect his own party’s constitution then how can be possibly believe he would be better than Skerrit? Two failed elections he should resign!!
      But I guess no law or constitution can tell him what to do as well. Dominica NEEDS totally NEW leaders.

      Hot debate. What do you think? Thumb up 3 Thumb down 5
      • lion king
        May 5, 2020

        Did he really lose? He didn’t lose. He was cheated and you know that.

    • Gary
      May 2, 2020

      LOL, that is you opinion, opinions does not have to answer facts.

  5. Ibo France
    April 29, 2020

    Why does Dominica always in deep economic and financial problems? Running to the IMF is a last resort for most countries because of the burdensome economic constrains forced on the indebted country. The PM knows nothing about finance and should have never taken that portfolio for himself. He has plunged the country into severe financial darkness. Living in Dominica, hunger is a constant companion for most. You are forced to live with flatulence as your loyal partner. There are very turbulent times ahead.

    Well-loved. Like or Dislike: Thumb up 9 Thumb down 1
    • April 30, 2020

      Those constraints are good advice for countries to get out of deep economic and financial problems, and are only burdensome to governments that seek to overspend for short term political advantage at the expense of long term economic development.

      There are good reasons to be wary of the IMF, but their imposition of the ten point Washington Consensus as a loan condition isn’t one of them. If you told people in the ’90s that in one generation Rwanda would be an African success story, they’d have laughed in your face. But, relatively speaking, it is now, thanks to policies like those.

      Well-loved. Like or Dislike: Thumb up 5 Thumb down 0
  6. Ibo France
    April 29, 2020

    The IMF forces borrowers to implement very harsh and severe economic measures. The shrinking of the public sector, a steep increase in the cost of electricity and water, early retirement of civil servants among other unpalatable measures. Dominicans are in for a rough and bumpy ride for the foreseeable future. Presently Dominica can be declared a FAILED STATE. The country’s finances are in ruin. What do you expect when a man who has never spent an hour of his entire life in a formal finance class as the Minister of Finance. Putting Skerrit as Minister of Finance is like taking a baker and put him in a operating theater to do brain surgery. Nothing can ever go right.

    Well-loved. Like or Dislike: Thumb up 11 Thumb down 0
    • Gary
      May 1, 2020

      Why do just criticize just for the sake of it, can you not look at things as they are rather than what you believe driven by your partisan politics. The Government gets money from China you criticize.The Government gets money from The IMF you criticize, why are you being such a clown. Tell me, where should the Government get loans or money from. Do you remember Dr. Bernard Wiltshire, when said Dominica should print it’s own money, is that your option, would that satisfy you.

  7. Ti Garcon
    April 29, 2020

    I find it funny a major development like this Skerrit didn’t have a set of fanfare. He yet to tell us of the incoming austerity measures to pay back IMF. Wasn’t he anti IMF? Daddy Chavez gone and now look who you begging.
    All I’m asking is that before Skerrit raise tax he better cut civil servants salaries first. Because it seems that they like it so.
    And that free college gone too- i know a set of children not getting university education from now on unless they well connected or can give up something.
    But if Dominicans let Skerrit raise taxes with all them unnecessary ministers and ambassadors, well Skerrit just pass de 25% VAT pronto.

    Well-loved. Like or Dislike: Thumb up 9 Thumb down 1
  8. Bring back the kidnapped parrots.
    April 29, 2020

    Who is going to watch the money? The money should be watched by a board of trustees appointed from all areas of the island posted at the Treasury. Large amounts of money with no people watching it and no accounting has a way of growing legs and walking to personal bank accounts to await withdrawal for personal use. This large amount of money should not be under the control of one person in government.

    Well-loved. Like or Dislike: Thumb up 7 Thumb down 1
    • Gary
      May 2, 2020

      Wow, from reading your comment you have showed gross ignorance. I would recommend you take some civic lessons that way you would learn or know about the procedures in place of checks and balances regarding the fiscal management which the The Government has to adhere to., and you should also read the Constitution, that way you would save yourself from embarrassment writing nonsense, there is something you should know https://www.businesswire.com/news/home/20190218005013/en/CS-Global-Partners-IMF-Praises-Dominica%E2%80%99s-Cooperation There is nothing more I can tell you.

  9. Bwa-Banday
    April 29, 2020

    Another loan? Why not a grant? Dose the IMF not give grants? Just asking….

    You see, everytime this incompetent government takes a loan it never goes to the right places and at the end of the day its another bill left for our children to pay. How are we ever going to move forward as nation when all we do is get deeper into debt with no way of even repaying early?

    Mr. PM why not use our monies in the Airport Fund or at least from the 1.2 Billion sitting in the so called DLP Housing Option Fund? Its our money and we don’t have to pay back interest on our own money. Bondieu when will good sense and sanity prevail in my land? :twisted: :twisted: :twisted: :twisted: :twisted: :twisted: :twisted: :twisted: Where are the men and women of good conscience?

    Well-loved. Like or Dislike: Thumb up 18 Thumb down 5
    • Gary
      May 1, 2020

      When you say, “Bondieu when will good sense and sanity prevail in my land? ” It is a very good question but I will ask you to whom and what segment of the people of Dominica should this question be directed to. Let’s start with you, since you are the one who is looking for answers as to when will good sense and sanity prevail in Dominica, have you honestly asked yourself that question. Tell me, how do you arrive at the figure of $1.2 Billion sitting in the so called DLP Housing Option Fund. You say, quote, “this incompetent government takes a loan it never goes to the right places,” is this true, didn’t The Government seek soft loans from the Chines Government to help develop our infrastructure. Did you forgot when The UWP was in Government, where did they seek loans, was it the right places, Wow.You must stop deceiving yourself with your silly comments. Before you question peoples conscience, you should know this, Ignoring your conscience is the first violation of the truth.

  10. greed
    April 29, 2020

    So what he doing with my money in social security then Stupes

    Well-loved. Like or Dislike: Thumb up 14 Thumb down 5

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