Parliament has approved a resolution for a 67 million-dollar loan from the World Bank for Dominica’s Covid-19 response and recovery.
The motion was tabled in Parliament on Monday.
“I believe that the World Bank and the IMF [International Monetary Fund] with their changes they have made within those institutions have demonstrated their understanding in large measure of the challenges of small island developing states like Dominica,” Prime Minister Roosevelt Skerrit said. “And the financing mechanism that they have in place is a reflection of their understanding.”
Skerrit continued, “And I could say to the people of Dominica that we have cultivated as a government and as a country an extra-ordinary cordial relationship with the World Bank and its staff and the leadership of the bank.”
According to him, the government is developing with the World Bank a case study on how the World Bank can help a developing country overcome its challenges, “but I believe overall, we can say that they are very responsive and understanding with regards to their needs of small island developing states like Dominica, especially having the face this external shock of this Pandemic.”
The Prime Minister also spoke on behalf of countries like Antigua & Barbuda and the unnecessary classification which he believes is preventing that country from accessing such funds.
“I said to them many times that they have to review the classification and in a time when a country like Antigua is facing this huge external shock, to tell me that the international financial institutions are not coming to the aid of Antigua & Barbuda is shameful and unacceptable,” Skerrit remarked.
The Prime Minister said in times like these, the rules must be relaxed.
He said he believes that what Antigua & Barbuda is confronting now is not the doing of the Government and people of Antigua & Barbuda, it is an external shock that all of us are experiencing and is of the view that international financial institutions should be running to the aid of Antigua & Barbuda and all of the developing countries that have graduated to middle income country status.
Minister for Public Works and the Digital Economy, Senator Cassanni Laville, in commending the resolution to the House for approval, said this first operation will address two pillars. The first entails saving lives, protecting livelihoods and preserving jobs while the second pillar has to do with the strengthening of fiscal policies, public financial management and debt transparency for resilient recovery.
He said the monies will be borrowed at an interest rate of 0.75% to 1.5 % per annum with a commitment charge of half of 1 % per annum.
Repayment will be done in 60 semi-annual installments commencing May 15th 2031 with a grace period of 10 years and maturity of 40 years.
The minister expressed gratitude to all the institutions that have contributed to Dominica, including the World Bank and the Citizenship By Investment (CBI) Program, IMF and OPEC fund.
Mr Skerrit, that loan should be to improve our infrastructure and not for that Gorilla and his banana Republic UWP clowns getting a penny out of it, after what happened with the bus drivers that bloody nonsense must stopped now otherwise we will have that parasite so-called unionist leader calling for a share of the 🥧 pie as well, give Workers clowns an inch they will take an arm and a leg!!!
Bus drivers include UWP and DLP supporters. It also includes people who do not support either of the political parties, just their families. But people like you can only see red and blue. To you i guess if i dont support Skerrit and his circus, i must be a workers, right? When i just simply on the side calling nonsense for what it is. Once i going against the government, i supporting uwp right? meanwhile i probably dont even vote or take part in elections. But i am a tax paying citizen, so i have a right to speak up against when i see money wasted and curruption in my country. But to people like you, im just a lazy hungry workers. this is how many dlp supporters think. Ive stopped trying to reason with them. Its like casting pearls to swine.
The money needs to be watched like a hawk and kept away from the sticky fingers of yours truly and his crew. It needs to be constantly audited.
Who is Skerritt trying to impress as if he runs things at the World Bank. Man you are full of yourself. Just make sure that when you receive that money that there are many entrepreneurs who have not received any assistance from your government. You told the bus drivers that there wasn’t any money but you quickly found some to take the shame out of your eye. Also ensure that this money goes into the consolidated funds.
Will this go towards job growth? So many Dominicans are unemployed. We need more manufacturing companies, franchises, hotels, small businesses etc that will create jobs for Dominicans at all levels of education. From custodians, to supervisors, porters, skilled workers, IT professionals, health care, builders, security guards, trainers, customer service/sales and data entry. Why isn’t this being done? These loans should be used to give Dominicans a fishing rod so they don’t have to beg for fish from the government or family members overseas or God forbid, turn to crime and unethical means. This country is going down rapidly, it makes my heart break.
Hope Dominicans in future will remember the massacre of back breaking debt meted out to the demise of the future generations by this 18-3 imbalance in Parliament. It appears that no matter what quantum of money received from The CBI, it is never ever enough to handle our national affairs. This Government continues to drive Dominica deeper and deeper into unnecessary Debt yet the “ayes” have it.
We do ourselves a terrible disservice when we give one man and his sheep to decide our futures. No dissenting voices, no variety. No debate, no discussion, no contending ideas. Carry on!
More than half that money will be saved at the government Hairy Banks and another high amount will be saved in their laundromat
Why are we taking this loan?
“Minister for Public Works and the Digital Economy, Senator Cassanni Laville, in commending the resolution to the House for approval, said this first operation will address two pillars. The first entails saving lives, protecting livelihoods and preserving jobs while the second pillar has to do with the strengthening of fiscal policies, public financial management and debt transparency for resilient recovery.
He said the monies will be borrowed at an interest rate of 0.75% to 1.5 % per annum with a commitment charge of half of 1 % per annum.”
The love of money will be the downfall of our nation.
NotAnoLoan- I read the story.. bla bla bla and it’s sad. The WB economic hit-woman was here for several days, I just new she was here obviously to set up loans for her bank. After all, it’s a bank and they grow on loans. Except we have learned these are predatory loans. Didn’t they just give you one recently of something like $67 that the agriculture ministry is still working on? They own you now you can never pay those back. SO MUCH CBI, and Why SOO MANY LOANS? Ther are some 3rd world countries outright refusing these Worthless loans, even thought they threaten to break their legs. We have made over $2 billion in CBI income by ourselves. I’m sure they have figured out how you spend the loan with their companies, like the $67 mil for agriculture inputs and inferior spades/forks for farmers, yet you import onions and garlic that’s used in all your kitchens. All set up by your neo-colonialists economic predators. Sad!
This is a tax and spend government. Unfortunately, the money it borrows disappears without any form of transparency or accountability.
Where are the investigative journalists? Why do I ask? Let’s not forget that after Hurricane Maria the Skerrit led nocturnal government was exposed. The government owed UWI, CDB, PetroCaribe and almost every regional and international lending institution. The widespread indebtedness of the country was mind boggling..
Now, this untrustworthy, corrupt regime , is putting Dominicans, not yet born, to repay loans from their first breath to their last of their natural lives. These future generations of Dominicans will be baptize and die in debt.
Where are the investigative journalists, the media houses, concerned citizens of civil society to unearth the whereabouts of the millions borrowed from financial institutions and the billions collected by the CBI program? Where has all this money gone? In the lavished lifestyles of the chosen few?
I will not say anything because I am tired of commenting and DNO just not posting or, if they do post they will wait 3-4 days, when our comments are no longer relevant to post. Like Skerrit DNO knows we have fowl memory and therefore they use that as a strategy to not post our comments
ADMIN: Thank you, that comment brightened our day with what we take as your expression of humour. Comments are usually moderated within 24 hours with the possible exception of weekends and holidays.
Lol DNO u got me. Let’s all keep the sense of humor because DA is tuff
Dominica needs initiatives rather than finance to recover and prosper. Our maxim needs to be: Initiative led, not funding fed.
We don’t need the burden of bank loans to weigh down future generations. More often than not, these bank loans are designed to keep the third world in the third world.
What is needed is strategic planning. Why doesn’t the government get the best and the brightest brains under one roof and select from the pool of ideas what is best for the country.
The borrowed money always seems to disappear in thin air as transparency and accountability are like two ghosts in this maladministration.
Ibo France, we fully welcome and appreciate your concept above. Well put, thanks much.
Our Suffering people Please be reminded that our Suffering families, people, jobless people etc are suffering whereas this failed incompetent Skerrit Labour Government has ruined our economy, our agriculture, our tourism and local business. Please be advised and wake up our people and smell the rotten, ineptitude, Incompetent Labour Prime Minister and his failed questionable incompetent Labour government. This Is the reason our people are not employed, unable to get jobs, secure their children in Education into Secondary school🏫 and move on elevated to Technical Education at Stock Farm. There is alot of work to be done. However, we need this decent good Government in office and not this questionable Incompetent Failed Labour party leadership and Government running our government and our Dominica. It’s sad to observe that Dominica’ is at a standstill with no Development. Welcome LENNOX LINTON as…
Have you not seen the government’s best and brightest brains? Look at the Minister of Education – Pampalam. That alone should tell you what kind of brain they have. Next you have the PM’s wife who like to gravitate outwards with her Goya virgin oil. Circus that there my brother. the friends of friends that does get invited to the show. I remember seeing gangsters from Bath Estate at parliament alongside Cecil Joseph. that is their brightest minds. You have a Minister of Tourism who know f-all about tourism, talking about we are going to have over 200,000 stay over guests in the upcoming season. Must be from Sammy Johnson her new “advisor” she get that from. But where did he himself come up with such a figure? Every year the goal post for geothermal shifts. Is more like the least dumb of the most dum left here. These are our brightest minds. the rest, all they concerned about is bobol. There they bright. The real forward thinkers will continue to be ridiculed for opening their…
My thoughts didn’t get moderated before the weekend, but don’t worry Roger it’s bigger than our governments. Understandably the economy lost a lot of money and we need to pump some properly managed money back in, which we probably have in CBI. But some of those are predatory loans and we must take them or else (read Confessions of an Economic Hit Man, or for free just watch the docu on Youtube). Who needs another $70 mil loan when you recently took a $60+ mil one from them currently being used for agriculture in a ‘jus throw some millions at it’ culture of doing things. Agriculture is the best example.