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CDB to give Belize US$15 million loan for COVID-19 pandemic #542458
05/19/20 11:01 AM
05/19/20 11:01 AM
Joined: Oct 1999
Posts: 66,833
oregon, spr
Marty Offline OP

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Marty  Offline OP
o far, Belize's costly COVID-19 response has received not a single dollar of international funding. The Prime Minister says he hopes 6 million plus from the IDB will come at the end of this month.

Well, the Caribbean Development Bank has announced that it will also contribute. A release says the CDB is making emergency loans to seven Caribbean countries for a total of $66.7 million US dollars. Antigua and Barbuda will get US$13 million, Belize will get US$15 million, Dominica will get US$2.5 million, Grenada will get 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.

The funds will be to respond to COVID-19 and keep critical government services and operations running, The emergency loans are being made under CDB's most concessionary terms, will, quote, "provide vital liquidity and increase governments' 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."

According to CDB projections, many of these countries will fall into recession this year.

Real GDP is expected to decline in Belize by 5.4%. The release concludes, "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 women, female heads of households and children, persons with disabilities, indigenous peoples, and migrants as the most vulnerable groups."

Channel 7

Re: CDB to give Belize US$15 million loan for COVID-19 pandemic [Re: Marty] #542493
05/21/20 04:15 AM
05/21/20 04:15 AM
Joined: Oct 1999
Posts: 66,833
oregon, spr
Marty Offline OP

.
Marty  Offline OP
CDB Loan Not Cash In Hand

Earlier this week we told you about emergency loans that the Caribbean Development Bank is making to seven Caribbean countries. $15 million US is earmarked for Belize - but the Financial Secretary today explained that it is not cash in hand, but debt relief:

Joe Waight- Financial Secretary

"The Board of Directors of CDB met earlier this week and approved a lone to the Government of Belize. The loan will then be used to meet our debt service payments to CDB for the next year. So, it's a refinancing in a sense, along the term loan to give us immediate relief for this year. The total amount is about USD$15 million for this. It will give us a break. It is not money in hand that we can spend elsewhere. It's basically a refinancing of what we would have had to pay CDB this year. We really do hope that the other IFIs could take a lesson, a page out of CDB's book."

Channel 7


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