Imbert: $2.2Billion In Covid-19 Relief Loans
Government has so far managed to source and finalize TT$2.2billion worth of loan financing to assist in its Covid-19 pandemic response.
Providing a breakdown of the figures in the Senate on Monday, Finance Minister Colm Imbert revealed that this includes the following:
Meanwhile, a loan from the China Development Bank is close to finalization.
“And we are in the process, as indicated earlier, of finalizing a loan of $170 million Euros from the China Development Bank, which would be just over US $200million,” Imbert said.
“If you add up all of that, the loans we have already finalized and sourced are approximately TT$2.2billion. And the loan from the China Development Bank, if converted to TTD would be approximately $1.4billion,” he further explained.
The loan from the Chinese Development Bank would be used for budgetary support as well as Covid-19 related matters, Imbert said.
How much funds have been received?
“Of the 2.2 billion that we have already been finalized, disbursements totaling $1.4 billion have been received- $100 from CAF $109.8 IDB, respectively,” the Minister stated.
“If you add the $1.4 billion from the China Development Bank to the undisbursed amounts from CAF, IDB and World Bank, you would get a total of approximately $2.1 billion remaining to be disbursed. But of the loans we have actuality finalized, $700 million. “ the Finance Minister said.
Millions more in Covid-19 Grant Funding
Here’s what the Minister revealed about grants and donations which have been made to support Trinidad and Tobago’s pandemic response:
“We’ve received US$750,000 or TT$5.1million to assist in the management of the pandemic. US$650,000 from CAF and US$100,000 from the IDB. To date, US$680,000 has been disbursed and just about US$70,000 or .5million still remains to be received.”
“In terms of donations, I’m advised that the United Nations has donated US$3,437,000 to the country. However, this donation package has gone to a multiplicity of the agencies, many of them in the private sector- directly from the UN to these agencies and not to the government.”
“ There are some aspects of these donations that have gone to the government and I can just give you some examples, the Regional Health Authorities (RHA) have received US$354,000 to recruit nurses, US $120,000 to procure PPE and US$500,000 for medical equipment to support the Covid-19 response. The total amount from the UN, I’m advised… is about US$1.6million.”