Dominica is to benefit from loan funding from the Caribbean Development Bank as the country faces an economic downturn caused by COVID-19.
The Bank’s Board of Directors has approved a total of US$66.7 million of which Dominica will receive 2.5 Million US dollars or just over 6.7 million EC dollars.
Dominica is among 7 regional countries to benefit from these emergency loans.
The others are Belize (US$15 million), Grenada (US$5.9 million), Saint Lucia (US$10.8 million), St. Vincent and the Grenadines (US$11.3 million), and Suriname (US$8.2 million).
The Bank says the emergency loans, being made available under its most concessional terms, will provide vital liquidity.
It will also increase governments’ fiscal space to allow these countries to promptly meet their urgent financing needs without diverting resources away from critical social expenditures or health emergency needs.