Saint Lucia COVID-19 Response, Recovery and Resilience Development Policy Credit

closed

Closed

The development objective of the COVID-19 Response, Recovery and Resilience Development Policy Credit in Saint Lucia mitigates the negative economic effects and risks from COVID-19 on the most vulnerable and to strengthen medium-term resilience and sustainability by: (i) protecting lives and livelihoods in response to COVID-19, (ii) ensuring business continuity and financial resilience, and (iii) enhancing public sector and public debt management for the post-crisis recovery. Over the medium term, the operation aims to build cross-sectoral resilience in Saint Lucia, including through strengthening public sector governance and facilitating private sector participation for a resilient recovery. The first pillar supports short-term measures to protect lives and livelihoods, as well as structural measures to strengthen the social protection system for the most vulnerable. The second pillar supports measures to ensure business continuity and save jobs, including enhancing the financial resilience of the fisheries sector through an improved insurance mechanism, providing short-term liquidity to enterprises and improving financial access for MSMEs. The third pillar supports structural reforms by enhancing public financial management and procurement and improving debt transparency and debt management for building resilience and supporting the recovery. The three pillars are aligned with the World Bank’s COVID-19 Crisis Response Approach Paper.

World Bank Group

Project

Forest Products and Packaging, Commercial, Government