The Caribbean Development Bank (CDB) is making available emergency loans to seven Caribbean countries, in the first instance, to finance the response to the COVID-19 pandemic. Today, the Bank’s Board of Directors has approved a total of US$66.7 million for Antigua and Barbuda (US$13 million), Belize (US$15 million), Dominica (US$2.5 million), Grenada (US$5.9 million), Saint Lucia (US$10.8 million), St. Vincent and the Grenadines (US$11.3 million), and Suriname (US$8.2 million).

“The provision of support to the seven countries to respond to COVID-19 and keep critical government services and operations running is urgent to halt the economic decline and minimise social hardship, while giving focused attention to the most vulnerable people,” says CDB President Dr. Wm Warren Smith.

Los ingresos tributarios en América Latina y el Caribe (ALC) alcanzaron 23.1% del PIB en promedio en 2018, según la nueva edición de Estadísticas Tributarias en América Latina y el Caribe publicada hoy. Sin embargo, el aumento de la carga tributaria se ve amenazado como resultado del deterioro de las perspectivas fiscales de la región, que se ha exacerbado por la pandemia del COVID-19 y la crisis económica mundial.

Para medir el pleno impacto de la crisis y proporcionar la base para las acciones necesarias, los economistas del BID han seguido de cerca los efectos de COVID-19 en la región. El resultado es un informe que arroja luz sobre las implicaciones económicas para seis países del Caribe: Las Bahamas, Barbados, Guyana, Jamaica, Surinam y Trinidad y Tobago. De este análisis surgen dos desafíos principales que deberán enfrentar los países en esta coyuntura.

This article by The Dialogue claims that the COVID-19 pandemic is one of the worst shocks ever to affect Latin America and the Caribbean. Governments, firms, and workers are coping with a severe economic crisis with yet unknown human losses and potential for social disarray. The region is being hit by large demand shocks from sharp commodity price falls due to a slump in external demand, external capital flight, financial sector volatility, and a collapse in tourist flows due to border closures and immobility measures. These shocks have been exacerbated by output disruptions associated with mandatory social distancing which have paralyzed all non-essential economic sectors, with a high toll on the spending capacity of millions of firms and consumers. In view of this situation, there is an urgent need to build more resilient societies, with buffers to mitigate shocks and adequate delivery of public goods and services. This will test the capacity and determination of all relevant actors in the region.