Business View Caribbean | January 2020

7 BUSINESS VIEW CARIBBEAN JANUARY 2020 OPENING L INES T he World Bank Board of Executive Directors has approved a US$20 million credit to support Grenada’s transition to a resilient blue economy. The Second Fiscal Resilience and Blue Growth Development Policy Credit fosters reforms to support fiscal sustainability, strengthen marine and coastal management, and build climate resilience. This operation, the second in a programmatic series of two IDA credits, deepens support for Grenada’s policy and institutional measures to maintain fiscal discipline and diversify the economy towards a blue growth model that is WORLD BANK APPROVES US$20 MILLION CREDIT FOR GRENADA’S TRANSITION TO RESILIENT BLUE ECONOMY based on sustainable and well-governed use of ocean resources. It includes fiscal reform measures such as building fiscal buffers, improving public expenditure management, instituting customs and excise reforms, and improving transparency of public enterprises. “Fiscal sustainability and strengthening environmental management are critical for building cross-cutting resilience in Grenada,” said Tahseen Sayed, World Bank Director for the Caribbean. “Protecting and preserving the rich marine and ocean resources is essential for the country’s successful transition to a blue