| Project Detail |
Proposed Development Objective(s)
The program development objective is to support the GoSVG in: (i) responding to the COVID-19 pandemic to protect
the vulnerable; (ii) strengthening fiscal resilience; and (iii) enhancing climate and disaster resilience.
Key Results
Result indicators include the number of people and households receiving financial assistance in response to the
pandemic.
Results also include measurable indicators on the fiscal front such as: Public debt converging to the Eastern Caribbean
Currency Union (ECCU) target of 60 percent of GDP; greater transparency in procurement, with publication of an analysis
of government-wide procurement spending; increased revenues collected from taxes on income and profits.
On the climate resilience side, results indicators include: a decrease in coastal sand mining volumes; an increase in the
number of SVG Conservation Fund (SVGCF) permanent revenue sources; a decrease in amount of single-use plastic bags
imported; and the preparation of aquaculture business plans.
In terms of disaster risk management, results are: EC$50 million available in the contingency fund; the share of new
buildings obtaining permits in compliance with updated building codes guidelines; and an increase in the number of
schools used as emergency shelters that have completed comprehensive disaster management plans and submitted to
the Ministry of Education.
D. Project Description
This operation aims to support the GoSVG in responding to the COVID-19 pandemic and in creating the conditions for
the country’s economic recovery by strengthening fiscal policy, public financial management (PFM), growth, climate
resilience, adaptation, and comprehensive disaster risk management (DRM). The operation consists of three mutually
reinforcing pillars: Pillar 1 supports actions taken for COVID-19 response; Pillar 2 supports the GoSVG’s efforts to
strengthen fiscal resilience, thus contributing to macroeconomic stability and strengthened debt sustainability; and Pillar
3 supports policy and institutional reforms that enhance growth prospects, reinforce climate and disaster resilience, and
strengthen comprehensive DRM for emergencies and natural disasters. Pillar 3 reforms also reflect the inclusion of a CAT DDO, which provides quick-disbursing financing in the event of a future natural disaster, thereby strengthening SVG’s
capacity for emergency response and recovery and its ability to absorb the fiscal shock of disasters. |
