WASHINGTON (CMC) – The International Monetary Fund (IMF) Wednesday said it was providing US$8.7 million for Dominica to be drawn from the Rapid Credit Facility (RCF) as the island rebuilds following the battering it took from Tropical Storm Erika in late August.
The RCF provides immediate financial assistance with limited conditionality to low-income countries with an urgent balance of payments need. Financing under the RCF carries a zero interest rate, has a grace period of 5.5 years, and a final maturity of 10 years. The Fund reviews the level of interest rates for all concessional facilities.
“Dominica was hit by Tropical Storm Erika in August 2015, which resulted in significant loss of life and substantial damage to physical infrastructure.
The Assessment Report by the World Bank and Government of Dominica estimates total damage and loss at US$483 million making this storm one of the worst natural disasters to ever strike the country,” said IMF deputy managing director Mitsuhiro Furusawa.
