The Government of Dominica has announced that adjustments have been made to pre-existing loan facilities at the Agricultural Industrial Development (AID) Bank.
During an address to the nation, Prime Minister of Dominica, Honourable Roosevelt Skerrit stated that the new adjustments to ensure that the beneficiaries are able to continue operations without the added obstacle of loan payments.
“Government had taken the extraordinary step after Maria to make loan financing available at the AID Bank, to our farmers, hoteliers and the manufacturing sector at attractive rates of 2%, with a moratorium on payments of 6-12 months. Mindful of the extraordinary circumstances caused by the COVID-19 pandemic Government is providing further relief to beneficiaries of that special loan facility. This will include no payment on principal for a year and on interest payment for six months. This deferment of payment will allow borrowers in the tourism sector, the manufacturers and farmers to use whatever cash they receive during the next six months, to meet salary payments and continue their operations—without the added burden of loan repayments,” Prime Skerrit stated.
The Prime Minister has commended business owners who kept their staff on even during this pandemic.
“At the national level a major concern during this pandemic is the loss of livelihoods and income among workers. For individual households, it is the payment of mortgages and basic living expenses. The DAIC has advised that its members have retained their pre-COVID 19 Pandemic staff. Government has also spoken directly with the top largest private-sector employers. I am advised that 88 percent of these employers have held on to their full complement of staff while the other 12 percent have released fifteen percent (or approximately 90 persons). These employers should be commended highly for their stellar contribution to the wellbeing of their employees and families. They have agreed to hold on and partner with the government to ensure the social stability of the country in these very difficult and uncertain times,” the Prime Minister added.