IDB funds COVID-19 recovery in T&T

  • The Inter-American Development Bank (IDB) said Wednesday that it granted a $100 million loan for Trinidad and Tobago to finance its response to the COVID-19 pandemic and promote an economic recovery after the health crisis has passed.
  • Trinidad and Tobago will use part of the money to support household income and business liquidity during the pandemic through tax refunds, salary grants, food stamps and rental assistance. It will also use the loan to buy medical equipment and hire medical staff, the IDB said in a press release.
  • The loan will also go to implementing the Fair Trading Act (FTA), which involves promoting competition in local markets, lowering the cost of essential goods for consumers and increasing private sector productivity.

 (Source: Latinfinance)