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Saint Vincent And The Grenadines Project Notice - Second Fiscal Reform And Resilience Development Policy Credit With A Cat DDO


Project Notice

PNR 41336
Project Name Second Fiscal Reform and Resilience Development Policy Credit with a Cat DDO
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.
Funded By World Bank
Sector Forestry
Country Saint Vincent And The Grenadines , Caribbean
Project Value XCD 40,000,000

Contact Information

Company Name Ministry of Finance
Address Team Leader Ana Luisa Gomes Lima, David Cal MacWilliam, Keren Carla Charles
Web Site https://projects.worldbank.org/en/projects-operations/project-detail/P169956

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