Minister of State in the Office of the Prime Minister with the responsibility for Information Technology, senator Oscar George has announced that the Government has secured a loan which will bring much needed funds to Dominicans.
He said, “Following a May 2020 request by the Government of Dominica for financial assistance to support Dominica’s COVID-19 Health Program, the OPEC Fund for International Development approved a loan in the amount of US 10 Million dollars”.
The loan will be for 18 years with a four year grace period at an interest rate of 3% per annum on amounts withdrawn and outstanding. There will also be a 1%per annum service charge on amounts withdrawn and outstanding.
George said that managing the pandemic has been very costly for all Governments and although Dominica has benefitted tremendously from friendly Governments, there is a need to ensure that funds are available to continue to pay for the many services that Government procures.
The loan will be brought before the next sitting of Parliament for approval.
