The Caribbean Development Bank says many Caribbean countries will experience a general decline in economic activity in the coming months in light of COVID-19’s impact.
In a release the CDB, many of these countries, including those, which will be supported with emergency loans, will fall into recession this year.
The CDB indicated that Caribbean countries are especially vulnerable to the global outbreak due to their heavy dependence on tourism for income and employment.
The institution has already approved and is making available US$66.7 million for 7 Caribbean countries to finance the response to the COVID-19 pandemic.
It also noted the bank’s board of directors has approved financing for Antigua and Barbuda (US$13 million), Belize (US$15 million), Dominica (US$2.5 million), Grenada (US$5.9 million), St. Lucia (US$10.8 million), St. Vincent and the Grenadines (US$11.3 million), and Suriname (US$8.2 million).