IMF Executive Approves US$65.6 Million

IMF Executive Approves US$65.6 Million in Disbursements to Dominica, Grenada, and St. Lucia

April 28, 2020

• The IMF Executive Board approves three requests from Dominica, Grenada, and St. Lucia for emergency financial assistance to help address the challenges posed by COVID-19.
• The approval of the Board will make available a combined SDR 48 million (US$65.6 million) in emergency financing to help these three countries deal with the challenges posed by COVID-19.
• IMF financing support provides resources to the countries’ authorities for essential health-related expenditures and income support to ease the impact of COVID-19 on the population.
• To address the pandemic, the authorities announced measures to help employees and households, including income support to the unemployed, tax relief, and providing cash transfers to the most vulnerable and affected.
• Dominica, Grenada, and St. Lucia are members of the Eastern Caribbean Currency Union (ECCU), and the disbursements would support macroeconomic stability and facilitate the subsequent economic recovery of the region.