(MENAFN- Caribbean News Global)
By Caribbean News Global
WASHINGTON, USA - The International Monetary Fund (IMF) executive board approved The Bahamas's request for emergency financial assistance of about US$250 million to help meet the urgent balance-of-payments needs stemming from the COVID-19 pandemic.
'The COVID-19 pandemic comes on the heels of the widespread destruction caused by Hurricane Dorian in September 2019. Coupled with domestic containment measures, the collapse in tourism will cause a deep recession. The Bahamian authorities have taken timely and targeted measures to boost health spending and mitigate the socio-economic impact of the pandemic, supporting jobs and vulnerable segments of the population.' ~ IMF
Meanwhile, IMF executive board completes second reviews under SBA and SCF arrangement and approves augmentations of access to support Honduras' COVID-19 measures.
The decisions increase total Fund support to about US$531 million. This immediately releases US$233 million, more than a fivefold increase in the amount originally approved by the executive board.
'The COVID-19 pandemic and external spillovers are expected to hit Honduras hard, and the augmentation of access will support the authorities' response to mitigate the impact. The completion of the reviews will help Honduras meet urgent balance of payments needs stemming from the pandemic, including increased health care and social spending.' ~ IMF
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