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Add to Preferred SourcesCAF -Development Bank of Latin America– approved a US$ 100 million loan to support Barbados’ fiscal management, implemented to mitigate the effects of COVID-19 on the economic, financial, and social sectors.
These resources will contribute to achieve the timely execution of public resources to address the economic and social impacts caused by the pandemic in Barbados.
“With these financial resources, we hope to strengthen the countercyclical effect of fiscal policy through the temporary introduction of measures to protect the income of vulnerable households and to increase liquidity for firms, and preserve employment during the crisis”, said Luis Carranza Ugarte, Executive President of CAF.
In the last five years (2015-2019), CAF approved operations to Barbados worth US$ 112 million, which represent an average of US$ 22 million in approvals per year. In the same period, total disbursements amounted to US$ 96 million, which represent an annual average of US$ 19 million.
To cope with the effects of the pandemic in Latin America, in early March 2020, CAF offered a regional credit line of US$ 50 million per country to address the health emergency, a grant of US$ 400,000, and a regional emergency credit line of US$ 2.5 billion to reinforce countercyclical economic measures.
Original source: CAF
Published on 07 July 2020