{"id":110659,"date":"2020-05-18T14:25:30","date_gmt":"2020-05-18T18:25:30","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=110659"},"modified":"2020-05-18T14:25:30","modified_gmt":"2020-05-18T18:25:30","slug":"antigua-barbuda-to-benefit-from-us-66-million-loan-from-cdb","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/antigua-barbuda-to-benefit-from-us-66-million-loan-from-cdb\/","title":{"rendered":"Antigua & Barbuda To Benefit From US$ 66 Million Loan From CDB"},"content":{"rendered":"
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The Caribbean Development Bank (CDB)\u00a0is making available emergency loans to seven Caribbean countries, in the first instance, to finance the response to the COVID-19 pandemic. Today, the Bank\u2019s Board of Directors has approved a total of US$66.7 million for\u00a0Antigua and Barbuda (US$13 million), Belize (US$15 million), Dominica (US$2.5 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).<\/div>\n
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\u201cThe provision of support to the seven countries to respond to COVID-19 and keep critical government services and operations running is urgent to halt the economic decline and minimise social hardship, while giving focused attention to the most vulnerable people,\u201d\u00a0says\u00a0CDB President Dr. Wm<\/sup>\u00a0Warren Smith.<\/div>\n
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The emergency loans, made under CDB\u2019s most concessional terms, will provide vital liquidity and increase governments\u2019 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.<\/div>\n
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Caribbean countries are especially vulnerable to the global outbreak due to their heavy dependence on tourism for income and employment. According to CDB estimates, many of these countries, including those, which will be supported with emergency loans, will fall into recession this year. Real gross domestic product will decline in Antigua and Barbuda (1.5%), Belize (5.4%), Dominica (2.9%), Grenada (10%), Saint Lucia (9.1%), and St. Vincent and the Grenadines (4.8%). Suriname, heavily dependent on gold production and export, was also severely hit and the economy almost brought to a complete standstill. Its economy is forecast to contract by 3% in 2020.<\/div>\n
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It is expected that the social impacts of the COVID-19 pandemic will be significant, stemming from an increase in unemployment, and loss of income and livelihoods, as well as substantial disruptions of social services, with\u00a0women, female heads of households and children, persons with disabilities, indigenous peoples, and migrants as the most vulnerable groups.<\/div>\n
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The Caribbean Development Bank (CDB)\u00a0is making available emergency loans to seven Caribbean countries, in the first instance, to finance the response to the COVID-19 pandemic. Today, the Bank\u2019s Board of Directors has approved a total of US$66.7 million for\u00a0Antigua and Barbuda (US$13 million), Belize (US$15 million), Dominica (US$2.5 million), Grenada (US$5.9 million), Saint Lucia (US$10.8 […]<\/p>\n","protected":false},"author":3,"featured_media":110660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-110659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nAntigua & Barbuda To Benefit From US$ 66 Million Loan From CDB - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/antigua-barbuda-to-benefit-from-us-66-million-loan-from-cdb\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Antigua & Barbuda To Benefit From US$ 66 Million Loan From CDB\" \/>\n<meta property=\"og:description\" content=\"The Caribbean Development Bank (CDB)\u00a0is making available emergency loans to seven Caribbean countries, in the first instance, to finance the response to the COVID-19 pandemic. 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