PR – Prime Minister and Minister of Finance, Dr. the Right Honourable Keith Mitchell, says with the concessional financing Grenada has been able to attract, Government can focus more on the bolstering the healthcare system for the ongoing fight against the COVID-19 pandemic.
Dr. Mitchell’s comments come against the backdrop of the announcement this week by the Caribbean Development Bank (CDB), confirming the approval of US $5.9 million in emergency loan support for Grenada.
Grenada is among seven Caribbean countries approved for this benefit and according to a press release issued by the regional financial institution, “The emergency loans, made under CDB’s most concessional terms, will 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.”
Dr. Mitchell welcomed news of the emergency loan support and described the loan as highly concessional.
The Prime Minister said, “This loan has a grace period of five years and will attract only 1% interest per annum. It is this type of concessional funding that will allow Government to give greater priority to ensuring that our healthcare system is adequately prepared for the fight against COVID-19, while at the same time, improving the country’s capacity to address the economic fallout and provide relief for those most impacted by the pandemic.”