Given the decline in fiscal revenues under the current global environment, the impact of the global crisis particularly on vulnerable groups, and financial sector risks from the regional inter-linkages, the efforts supported by these operations are particularly important for maintaining macroeconomic stability and creating the fiscal space for social protection programs. These operations are the first development policy loans for both countries.
The US$8 million and US$3.5 million zero-interest credits for St. Lucia and Grenada, respectively, from the International Development Association (IDA) are repayable in 35 years, including a 10-year grace period.
The US$4 million and US$4.5 million commitment-linked, fixed-spread loans for St. Lucia and Grenada, respectively, are payable in 30 years, including a five-year grace period with level repayments of principal.
St. Lucia and Grenada: World bank approves US$20 Million for Policy Reforms
Special Correspondent - 2010-06-09 09:37
As part of the new Regional Partnership Strategy, the Board of Directors have approved a total of US$20 million in loans and credits for St. Lucia and Grenada to support economic and social development policy reforms aimed at mitigating the adverse impact of the global crisis.