As Guyana seeks to ramp up its response to the COVID-19 pandemic, the Inter-American Development Bank (IDB) has approved a loan of US$22 million aimed at strengthening the country’s public health response to the deadly virus.
The loan, which falls under the Contingent Credit Facility for Natural Disaster and Public Health Emergencies, seeks to finance public expenditure necessary to contain transmission of the disease and mitigate further health and economic consequences.
According to the IDB, given the ongoing global health crisis and its impacts, “the Government is facing the challenge of strengthening the country’s health system, while also confronting the financial and liquidity constraints that limit its capacity to continue investing in closing the gaps and building preparedness and response capacity”.
“The IDB loan will provide an efficient financial coverage under the Contingent Credit Facility to support, in a timely manner, the implementation of Guyana’s strategic response plan to COVID-19,” the Bank states.
The IDB outlines that as the number of COVID-19 cases increases, “it is critical to ensure that the Government has the necessary funding to quickly implement all measures required to control the ongoing emergency and save people’s lives”.
The resources of the loan will be used for, among other needs, the purchase of medical equipment, laboratory equipment and inputs, ambulances, and Personal Protective Equipment for health workers, surveillance officers, and border personnel.
The operation will also benefit the affected population of Guyana who will receive emergency assistance under the proposed coverage.
According to the IDB, the loan, of which US$15.4 million, is charged to the regular ordinary capital of the IDB, with a repayment term of 25 years, a grace period of 5.5 years and an interest rate based on the London Inter-Bank Offered Rate (LIBOR).
A total of US$6.6 million is charged to concessional ordinary capital, with a repayment and grace term of 40 years and an interest rate of 0.25 per cent, the Bank further explained.
As of November 9, 2020, Guyana recorded a total of 4524 COVID-19 cases with 135 fatalities. To date, some 3549 persons have recovered from the life-threatening viral disease. A total of 22,092 persons have been tested for the novel coronavirus thus far.
Since taking office, the People’s Progressive Party/Civic (PPP/C) Government has embarked on a massive testing drive to ensure that all positive cases, especially asymptomatic cases, are detected. This has resulted in a high number of cases being detected.
The authorities have been pleading with, and reminding Guyanese to observe the protocols of the COVID-19 Emergency Measures (No 9). This order emphasises, among other things, the need for correct and consistent use of face masks when leaving home; the importance of maintaining six feet of physical distance from others and the need for good hand hygiene to help reduce the spread of COVID-19.
Meanwhile, according to the World Health Organisation (WHO), as of Monday, some 50,266,033 confirmed cases were reported globally along with 1,254,567 deaths.
The Region of the Americas, that is, Latin America and the Caribbean has been identified as the most affected region by the virus. WHO also reported that the number of confirmed COVID-19 cases in the Region increased to 21,730,622 while the death toll has gone up to 659,080.
