Resources that will be delivered as general budget support has not come by chance
says Prime Minister Skerrit
Roseau, Dominica – December 10, 2008………..The fact that Dominica now qualifies for general budget support under the 10th EDF Country Strategy Paper(CSP) is due to the endorsement of the International Monetary Fund and the World Bank of the Government of Dominica’s prudent fiscal and economic policies.
This revelation was made by Prime Minister, Hon. Roosevelt Skerrit during the signing ceremony for the 10th European Development Fund (EDF) Country Strategy Paper held at the Marigot Fisheries Complex last week.
“The resources that will become available to Dominica under this 10th EDF, totalling 7.5 million Euro will be delivered as general budget support. This has not come by chance. It is the result of the endorsement of organisations such as the World Bank and the International Monetary Fund on Government’s economic and fiscal management policies,” Prime Minister Skerrit stated.
The Dominican leader also commented on the call for reform of the two Bretton Woods Institutions in the context of their relations with Dominica. “These two organisations have come under pressure to change the way they do business, and change may be underway. Until then, however, the donor community in general trust their resources to countries receiving favourable reviews from them.”
The 10th EDF Country Strategy Paper provides a framework for EC assistance programmes in Dominica under the 10th European Development Fund for the period 2008-2013.
The signing now clears the way for Dominica to receive EUR 5.7 million as part of an indicative programme of EC aid. Another EURO 1.8 million has been set aside for emergencies.
The Government of Dominica and the European Commission propose to allocate 80 percent of the indicative EURO 5.7 million to macroeconomic budget support to assist the Government with the implementation of policies and strategies aimed at achieving sustained economic growth and poverty reduction.
The specific objective is to support Government’s efforts to implement its own domestic Growth and Social Protection Strategy and will support the Government’s macroeconomic reform programme.
The Government is focusing its development strategy on the creation of an enabling environment for private sector activity; sectoral strategies for growth and strategies for poverty reduction and social protection.
The signing ceremony was also attended by the Head of Delegation of the European Commission to Barbados and the Eastern Caribbean, His Excellency, Valeriano Diaz, National Authorising Officer for the European Development Fund, Mr. Edward Lambert, Acting Budget Controller, Mrs. Francisca Pascal and staff from the office of the National Authorising Officer.