The World Bank Board of Executive Directors has approved US$25 million Grenada COVID-19 Crisis Response and Fiscal Management Development Policy Credit.
This quick-disbursing financing will support the country’s efforts to respond to the COVID-19 crisis in the short term and enhance long-term sustainability and resilience.
The COVID-19 pandemic has hit Grenada hard. Although the number of COVID-19 cases has been relatively low, the economic contraction has been severe: GDP is projected to contract by 12 percent in 2020.
This World Bank financing is expected to help the government to strengthen the country’s health systems and protect livelihoods through financial assistance to the tourism sector, the agriculture sector, and small businesses.
The operation also supports the country’s medium-long term structural reforms to improve fiscal management and debt transparency, enhance climate resilience, and strengthen public accountability.