Grenada receives US$5 million interest-free credit from World Bank


Grenadian children in school

NARRATOR: The World Bank Board of Directors approved a US$5 million zero-interest credit to help Grenada strengthen its conditional cash transfer program. As a result, the project will improve coverage of poor households receiving cash transfers provided children go to school and to health check-ups.

Minister of Finance, Planning, Economy, Energy and Cooperatives, Nazim Burke, said “Grenada’s safety net includes three targeted cash transfer initiatives which will be consolidated into a comprehensive conditional cash transfer (CCT) program.” He said “Grenada welcomes the World Bank's support for reforms in the area of social protection having regard for its long track record of designing effective CCT programs that have achieved good results in several countries.”

Burke said he expects that the combination of new financing and knowledge

provided by the World Bank will greatly help improve Grenada’s CCT program. He concluded that the Safety Net Assistance Program is consistent with Government's commitment to social protection for the poor and vulnerable, good governance and sound economic management.

The combined effects of lower levels of tourism revenues and transfers from abroad including foreign direct investment and remittances' recent rise in prices for food and fuel, and natural disasters have reduced purchasing power among the poor, and raised unemployment levels.

Grenada's available social safety net initiatives are not currently able to fully respond to mitigate the impacts of these shocks or effectively promote productive investments amongst the most vulnerable.

This is Donn Bobb reporting.

Duration: 1’39″

Filed under Caribbean News.
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