fbpx
Tropical Storm Dolly forms over North Atlantic
June 23, 2020
Courts Belize supports Ministry of Health in the fight against COVID-19
June 23, 2020

IDB approves loan to support Belize’s vulnerable population affected by COVID-19

  • 399
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
    399
    Shares

Posted: Tuesday, June 23, 2020. 10:54 am CST.

By BBN Staff: The Inter-American Development Bank (IDB) informed that it has approved a loan of US $12 million for Belize to support the implementation of the COVID-19 Unemployment Relief Program.

The loan program will provide protection for the vulnerable population affected by the COVID-19 crisis.

Specifically, it will provide cash transfers for a period of 12 weeks to currently unemployed individuals, formerly working in the informal or formal sectors, particularly but not solely in tourism, and who are not on the rosters of other cash transfer programs.

The crisis caused by COVID-19 has hurt local income and consumption.

“Based on estimates, 95% of firms within the tourism sector, which accounts for 40% of total employment, have already been negatively impacted by the pandemic. In addition, vulnerable populations are at increased risk of suffering the effects of an economic downturn,” a statement noted.

IDB noted that its experience suggests that cash transfer and unemployment insurance programs are effective at smoothing consumption and alleviating temporary income poverty.

The program will benefit approximately 26,500 individuals and contribute to maintaining standards of living for vulnerable persons whose income levels were affected by the COVID-19 crisis.

The US $12 million IDB loan is for a 12-month term, with an amortization period of 25 years and an interest rate based on LIBOR.

Comments

 

Аdvеrtіѕе wіth thе most visited news site in Веlіzе ~ Wе оffеr fullу сuѕtоmіzаblе аnd flехіblе dіgіtаl mаrkеtіng расkаgеѕ. Yоur соntеnt іѕ dеlіvеrеd іnѕtаntlу tо thоuѕаndѕ оf uѕеrѕ іn Веlіzе аnd аbrоаd! Соntасt uѕ аt marketing@breakingbelizenews.com оr саll uѕ аt 501-601-0315.

 

© 2020, BreakingBelizeNews.com. This article is the copyrighted property of Breaking Belize News. Written permission must be obtained before reprint in online or print media. REPRINTING CONTENT WITHOUT PERMISSION AND/OR PAYMENT IS THEFT AND PUNISHABLE BY LAW.

  • larry waight
  • galen university

Leave a Reply

Your email address will not be published. Required fields are marked *