CDB approves US$9.3M loan to Anguilla to support reform programme

first_img Aug 26, 2020 Hurricane Warning Declared as Tropical Storm Nana Approaches… “This policy-based loan, which is the first of three, will fill the government’s fiscal gap and provide immediate liquidity needed to help shore-up the island’s finances, mitigate shocks to expenditure such as the fiscal implications of Hurricane Irma and assist with building longer term fiscal resilience” said Dr. Justin Ram, Director of Economics at CDB. Under the area of restoring fiscal stability, the funds provided will be used to help Anguilla strengthen its macroeconomic planning framework post-Hurricane Irma; enhance revenue collection; and improve expenditure and debt management. To build resilience, the intervention will support reforms by strengthening policy, governance, and institutional arrangements for environmental management towards increased climate change resilience; as well as enhancing institutional capacity for social protection. Prior to the approval of this loan, in the aftermath of Hurricane Irma, the Government of Anguilla received financial support from CDB, including an Emergency Relief Grant of USD200,000 and a loan of USD5 mn to assist in the restoration of electricity. Earlier in 2018, CDB provided loan financing of USD5.6 mn to help the Government meet its debt obligations, and focus on its recovery priorities, without having to divert resources to meet financing needs. Share this:PrintTwitterFacebookLinkedInLike this:Like Loading… July 26, 2018 (Caribbean Development Bank Press Release) – The Board of Directors of the Caribbean Development Bank (CDB) has approved a USD9.3 million (mn) loan to the Government of Anguilla, to implement a reform programme that aims to restore fiscal sustainability and enhance resilience against natural disasters. Anguilla is highly vulnerable to natural disasters, and since 1995, the island has been affected by eight named hurricanes. Following the passage of Hurricane Irma in 2017, Anguilla suffered damage and losses that were estimated at approximately 97 percent of GDP. The country is also heavily reliant on tourism, and the effects from Hurricane Irma have led to the closure of hotels and restaurants, causing significant unemployment and income losses. The loan from CDB is the first of a series of three proposed policy-based loans, which will support Anguilla’s three-year reform programme to restore fiscal stability and build resilience, in order to promote and sustain economic recovery and growth. This first loan supports initial reforms under the government’s Medium-Term Economic and Fiscal Plan. Sep 29, 2020 UK provides further support to CDB Special Development Fund… You may be interested in…center_img Find Way for Private Sector to Assume Role as Jobs Generator… Sep 2, 2020 Oct 2, 2020 CDB to Lend US$70M to The Bahamas and Saint Lucia,… Anguilla to get CDB help post-Hurricane IrmaMay 28, 2018, ST. GEORGE’S, Grenada – The Board of Directors of the Caribbean Development Bank (CDB), has approved a loan of US$5.6M to assist the Government of Anguilla in meeting its fiscal obligations after the destruction caused by Hurricane Irma in 2017. The funds will allow the Government to…May 28, 2018In “Anguilla”CDB ramping up research to address Caribbean Region’s challenges(CDB Press Release) The Caribbean Development Bank (CDB) is ramping up its research activity to help regional Governments better tackle challenges related to environmental sustainability, economic and fiscal resilience, and implementation. CDB’s Director of Economics, Dr. Justin Ram, announced this last Thursday at the Bank’s Annual News Conference, held in…February 12, 2019In “Anguilla”CDB to provide US$50M loan to The Bahamas for post-Hurricane Dorian recovery(CDB Press Release) The Board of Directors of the Caribbean Development Bank (CDB) approved an Exogenous Shock Response Policy-Based Loan of USD50 million to support The Bahamas after Hurricane Dorian. “The loss of life and massive destruction caused by Hurricane Dorian has placed a heavy burden on The Bahamas. The…December 17, 2019In “CARICOM”Share this on WhatsApplast_img read more