First Fiscal Reform and Resilience Development Policy Credit

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The objective of First Fiscal Reform and Resilience Development Policy Credit Project for St. Vincent and the Grenadines is to support the Government of St. Vincent and the Grenadines in building a more resilient economy through: (i) strengthening fiscal policy and public financial management; and (ii) strengthening climate resilience and adaptation. Pursuing a blue growth agenda in a small, tourism‐based economy highly dependent on its natural environment is a function of building on its natural assets, reinforcing climate resilience, strengthening fiscal buffers and ensuring macroeconomic stability. Each of these areas reinforce and complement each other and are necessary to ensure a comprehensive approach that is both technically sound from an environmental and climate resilience perspective, as well as being affordable and sustainable given available resources. Moreover, the integration of climate resilience and adaptationreforms with fiscal reform and fiscal resilience dialogue in SVG will further the Government’s effort to mainstream climate resilience into its broader development agenda, focusing on key sectors for developing a blue economy – such as nature‐based tourism and fisheries. Hence the focus in this series on two pillars necessary for building resilience: fiscal reform and public financial management as well as climate resilience and adaptation.