THE WORLD BANK AND THE CARIBBEAN IN THE ERA OF COVID-19.

THE WORLD BANK AND THE CARIBBEAN IN THE ERA OF COVID-19.

What follows are press releases and public statements, by the World Bank Caribbean, under the leadership of the Country Director for Caribbean Countries, Latin America, and Caribbean Tahseen Sayed. The World Bank response, to the economic crisis caused by Hurricane Irma, has been nothing short of abysmal failure, to date under the then Romeo Marlin led government, who was a Dutch installed puppet, only ten or fewer houses were actually repaired by the government here on Sint Maarten. Most houses were, either repaired by Samaritans Purse, or other NGOs such as the Red Cross. The conundrum the present government finds itself in is exacerbated by the post-colonial relationship, that government insist to exist in with the Dutch. Read in the following how independent Caribbean nations can acquire World Bank funding, for infrastructural repair amongst many others. Only independence from the Dutch, will allow Sint Maarten to function on the level of our Caribbean neighbors on the geopolitical level.

First-Time Financing by World Bank for Digital  Economy in the Eastern Caribbean Approved for US$94 Million

Media Release Courtesy The World Bank

Tuesday, June 23, 2020 — WASHINGTON — The World Bank Board of Executive Directors approved yesterday the regional Caribbean Digital Transformation Project for a total of US$94 million for four Eastern Caribbean countries: Dominica (US$28 million), Grenada (US$8 million), Saint Lucia (US$20 million), Saint Vincent and the Grenadines (US$30 million), and the Organization of Eastern Caribbean States (OECS) Commission (US$8 million) to build an inclusive digital economy. This is the first World Bank-financed project to support the development of the digital economy in the Caribbean. It aims to increase access to digital services, technologies, and skills by governments, businesses, and individuals.

“The COVID-19 the crisis has highlighted the essential role of digital technology in keeping people, businesses, governments, and countries connected. It enabled virtual continuity of services and facilitated contactless transactions.”  

“The digital economy offers a unique opportunity for the Eastern Caribbean countries to become digital leaders. The wider and more rapid adoption of digital technologies can support countries during the COVID-19 recovery phase and help build resilience, create jobs and boost future growth,” said Tahseen Sayed, World Bank Country Director for the Caribbean.

The project aims to increase internet penetration and access to digital financial services and public services. It will support reforms and regional harmonization of the legal and regulatory environment to promote investment in digital infrastructure. It will support activities to make telecommunications and financial services more affordable while addressing risks related to cybersecurity and data protection. The project will also support public sector modernization and the delivery of citizen-centric, digital public services. Support will be provided to individuals and businesses for skills and entrepreneurship development.

Financing for the project comes from the International Development Association (IDA). The OECS Commission will receive a grant and the four Eastern Caribbean islands will receive interest-free financing with a maturity of 40 years, including a grace period of 10 years.

World Bank Group COVID-19 Response:

The World Bank Group, one of the largest sources of funding and knowledge for developing countries is taking broad, fast action to help developing countries strengthen their pandemic response. We are increasing disease surveillance, improving public health interventions, and helping the private sector continues to operate and sustain jobs. Over the next 15 months, we will be deploying up to $160 billion in financial support to help countries protect the poor and vulnerable, support businesses, and bolster economic recovery, including $50 billion of new IDA resources in grants or highly concessional terms.

World Bank Provides $4.5 Million to Support Saint Vincent and the Grenadines’ COVID-19 Emergency Response

Media Release Courtesy The World Bank

Wednesday, April 22, 2020 — WASHINGTON — The World Bank activated US$4.5 million on April 17 to provide immediate funding for Saint Vincent and the Grenadines’ response to the COVID-19 (coronavirus) pandemic, aimed at strengthening the capacity of the health system.  

“The World Bank is working closely with Saint Vincent and the Grenadines to help the health system prepare for the impacts of COVID-19 and to protect people, especially the most vulnerable,” said Tahseen Sayed, the World Bank’s Country Director for the Caribbean.  

The financing will be used to improve the ability to isolate patients, increase testing capacity, and purchase critical supplies, including personal protective equipment, mobile isolation units, testing equipment, reagents, gloves, and masks. It will also support preparedness and response capacity for other public health emergencies by increasing access to medical equipment and expanding the capacity of hospitals.

These funds were mobilized under the Organisation of Eastern Caribbean States (OECS) Regional Health Project using the Contingency Emergency Response Component (CERC). CERCs allow funds to be reallocated from the project to be used for emergency response activities. 

World Bank Group COVID-19 Response:

The World Bank Group is rolling out a US$14 billion fast-track package to strengthen the COVID-19 response in developing countries and shorten the time to recovery. The immediate response includes financing, policy advice and technical assistance to help countries cope with the health and economic impacts of the pandemic. The IFC is providing US$8 billion in financing to help private companies affected by the pandemic and preserve jobs. IBRD and IDA are making an initial US$6 billion available for the health-response. As countries need broader support, the World Bank Group will deploy up to US$160 billion over 15 months to protect the poor and vulnerable, support businesses, and bolster economic recovery.

World Bank Releases US$150 Million for COVID-19 Response in the Dominican Republic.

 Santo Domingo: Dominican Republic, the World Bank released US$150 million to support the country’s efforts to implement emergency measures to contain the spread of COVID-19 (coronavirus) and manage the impact of the pandemic.

On March 19, 2020, the Dominican Republic declared the State of Emergency that will be in place for 25 days and established a curfew for the entire territory initially through April 3 to allow the implementation of extraordinary measures to combat the spread of COVID-19.

“In recent years, the Dominican Republic has been making progress in strengthening its capacity to respond to emergencies, including for public health-related events,” said Alessandro Legrottaglie, Country Manager for the Dominican Republic. “This rapid financing demonstrates the World Bank’s commitment to support the Dominican Republic’s efforts to respond to the immediate health and social needs of the people in the face of an extraordinary challenge.”

The funds are disbursed from a contingent credit line from the World Bank, better known as the Catastrophe Deferred Drawdown Option (Cat-DDO), effective since 2018. The Cat-DDO was the first of its kind in the Caribbean and supported a series of Government reforms to improve its institutional and regulatory framework for disaster resilience. Those included measures to strengthen the resilience of the health sector, in compliance with international regulations mandated by the Pan American Health Organization and World Health Organization.

The Cat-DDO provides immediate liquidity to support a country’s efforts to recover from a natural disaster or a public health emergency.

World Bank Group COVID-19 Response

The World Bank Group is rolling out a $14 billion fast-track package to strengthen the COVID-19 response in developing countries and shorten the time to recovery. The immediate response includes financing, policy advice, and technical assistance to help countries cope with the health and economic impacts of the pandemic. The IFC is providing $8 billion in financing to help private companies affected by the pandemic and preserve jobs. IBRD and IDA are making an initial US$6 billion available for health-response.  As countries need broader support, the World Bank Group will deploy up to $160 billion over 15 months to protect the poor and vulnerable, support businesses, and bolster economic recovery.