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Dominica: Request for Disbursement Under the Rapid Credit Facility-Press Release Staff Report for Dominica

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Dominica: Request for Disbursement Under the Rapid Credit Facility-Press Release Staff Report for Dominica by International Monetary Fund

Context. On August 27, 2015, Dominica was hit by Tropical Storm Erika, resulting in loss of life and substantial damage to crops and physical infrastructure. Flooding and landslides have severely damaged transport infrastructure and substantially diminished the productive capacity of agriculture and tourism. The main airport was badly damaged, with its operations continuing to be heavily limited. Several roads and bridges remain unusable, and the water and sewage network is still below full operational capacity. The total damage and loss estimate is equivalent to [96] percent of GDP. Request for Fund support. The Dominican authorities are requesting emergency financial assistance under the Fund's Rapid Credit Facility (RCF) to address urgent balance of payments and fiscal needs associated with the rehabilitation and reconstruction efforts. In the attached letter, they request a disbursement in the equivalent of SDR 6.15 million (US$8.7 million), equivalent to 75 percent of quota, with the full amount to become available upon Board approval. Staff supports the request. The authorities are also seeking grants and additional concessional financing from multilateral and bilateral donors to cover the remaining financing needs. Macroeconomic policies. Dominica has struggled with fiscal and external sustainability for a few years, and the impact of the storm has worsened the situation further. The authorities' immediate focus is on addressing pressing social needs, rehabilitation, reconstruction, and the identification of financing sources. They agreed with staff on the broad parameters, objectives, and policies of a medium-term macroeconomic plan that addresses reconstruction needs and also achieves decisive fiscal consolidation, strengthens the financial system, and improves competitiveness.

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Ebook Details
Pages: 54
Size: 4.8 MB
Date published:   2015
ISBN: 9781513540573 (DRM-EPUB)
9781513556673 (DRM-PDF)

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