he World Bank Board of Executive Directors approved yesterday the US$25 million First COVID-19 Response and Recovery Development Policy Credit.
This is Dominica’s first World Bank budget support operation, and it is the first in a series of two quick-disbursing credits.
The operation aims to support Dominica’s COVID-19 response to save lives, livelihoods, and jobs, while laying the foundation for longer-term economic recovery.
It is aligned with the country’s National Resilience Development Strategy and COVID-19 response strategy.
“The pandemic has once again highlighted the importance of increasing our country’s resilience. The Government of Dominica is focused on first saving lives, protecting livelihoods, and preserving jobs, and next on strengthening fiscal policies, public financial management and debt transparency for a strong and resilient recovery,” said Roosevelt Skerrit, Prime Minister of Dominica.
“The government is fully committed to the reforms under this operation, which is timely and will help Dominica to build back better in a sustainable way.”
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.