The World Bank Board of Executive Directors approved today 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 COVID-19 pandemic struck at a time when Dominica’s economy was still recovering from past natural disasters,” said Tahseen Sayed, World Bank Country Director for the Caribbean. “The World Bank was proud to be the first among Dominica’s partners to assist in the island’s recovery after the devastating 2017 hurricane. Today, we are pleased to provide the first-ever World Bank development policy financing to support the country’s efforts to recover from the extraordinary socio-economic impacts of the COVID-19 pandemic.”
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