News

International Monetary Fund Approves $3.1 Million Disbursement for Dominica

By: Caribbean Journal Staff - January 11, 2012 - 5:32 pm

By the Caribbean Journal staff

The International Monetary Fund’s Executive Board has approved a disbursement for $3.1 million to Dominica under its Rapid Credit Facility.

The funding is aimed at helping Dominica with reconstruction and rehabilitation following a series of floods and landslides in the summer and fall of 2011. The floods caused millions of dollars in damage, including the destruction of a Chinese agriculture project on the island.

The total cost of reconstruction is expected to be as high as 6.5 percent, according to the IMF, which would weaken Dominica’s balance of payments, the fund said.

“Dominica suffered significant infrastructure damage following torrential rains, flooding and landslides in the second half of 2011,” said Min Zhu, deputy managing director and acting chair of the IMF Executive Board. “The recovery and rehabilitation costs will be high, putting pressures on the fiscal and balance of payments positions.”

The board said Dominica’s government was committed to returning to robust primary surpluses over the medium term to ensure downward debt dynamics by tackling pressures on current spending and strengthening the revenue base and collection.

“Structural reforms are key to supporting the fiscal effort, improving growth prospects and increasing Dominica’s resilience to natural shocks,” Zhu said. “Reforms to boost external competitiveness and enhance the business climate will be necessary to promote private sector activity.”

Popular Posts antigua long bay

25 Perfect Caribbean Beaches to Add to Your Summer Bucket List

There’s nothing like a Caribbean beach in summer. The crowds thin out, the winds relax, and the islands start breathing in a different way. The beaches you thought you knew feel new again— stretches of sand once packed with winter […]


The 15 Best Hotels in Trinidad and Tobago, From Hidden Eco-Retreats to Luxury Towers

trinidad and tobago hotels where to stay

From Port of Spain to Tobago’s quiet coasts, these are the places to check in now No two Caribbean islands are quite like Trinidad and Tobago—and no two hotels here feel the same. This is a destination of contrast: Carnival […]


This Marriott All-Inclusive Resort Is Coming to Barbados —  And You Can Book It With Points

new brand for the caribbean

Barbados has long been a haven for adults in search of refinement — the kind of place where luxury and culture blend in quiet, confident harmony. Now, that ethos is becoming the foundation of a new resort concept that aims […]


Related Posts dominica island

Travelers Are Starting to Discover the Island of Dominica, With New Flights, Hiking Trails and Luxury Hotels 

For years, the self-styled “Nature Island” has been a well-kept secret. Lush, verdant, adventure-filled, the island in the Eastern Caribbean has largely been a hotspot for divers, hikers (drawn to the Caribbean’s longest hiking trail) and those in search of […]


Hotel Equities Continues Caribbean Push, With Growing Pipeline and New VP 

hotel equities caribbean

Hospitality management and development firm Hotel Equities has been growing its footprint in the Caribbean in the last year, with nine properties and nearly 1,000 hotel rooms now under development.  Now, the company is expanding its push with the appointment […]


In Dominica, an All-Inclusive That Comes With the Whole Island 

dominica fort young views

All-inclusive has been changing. That’s not a secret. It’s the biggest thing in travel right now, particularly in the Caribbean, where travelers want more. But they don’t just want the unlimited food and beverage. They want the experience. They want […]