WASHINGTON (CMC) — The International Monetary Fund (IMF) says St. Vincent and the Grenadines (SVG) and Grenada have suffered substantial losses and damage as a result of the passage of Hurricane Beryl in July.
Speaking at a virtual news conference on Thursday, Julie Kozack, director of the IMF Communications Department, extended “our deepest condolences to the people of Grenada and St. Vincent’s and the Grenadines for the loss of life, loss of livelihoods, and the physical damage from this terrible hurricane.
“We are in close contact with the authorities of these countries during this very challenging period.”
She said that while further updates and the latest forecasts will be provided as part of the IMF’s World Economic and Regional update during the week of Oct. 14, the two Caribbean countries were hard hit by the category 5 storm when it made its way through the region.
She said while a comprehensive and detailed damage assessment is ongoing in St. Vincent and the Grenadines “initial reports indicate substantial losses and damage in the order of 20 per cent to 25 per cent of GDP, and it is mainly in the southern Grenadines.
Kozack told reporters that the authorities in Kingstown “are drawing down their buffers and they are receiving help from the international community to finance post-disaster relief and reconstruction efforts…
“Despite this large physical damage, the growth impact in 2024 at the moment is expected to be relatively moderate, given that the authorities have initiated a very prompt post-hurricane reconstruction effort. And again, we will have further updates for you and the latest forecasts as part of our World Economic and Regional updates,” she added.
Earlier this week, the SVG government said Hurricane Beryl left EC$800 million in damage.
Finance Minister Camillo Gonsalves, speaking on a radio programme here, said the climate change conversation includes loss and damage.
“The damage is what the storm blew down. That’s what was mashed up. The losses are money that would have been made,” he said, adding that the loss includes the impact that Union Island resident Abdon Whyte had spoken about on the same programme regarding the impact on the hospitality and fisheries sectors because of damage to their assets.
“Those are losses that are in addition to the $800 million that I’m talking about,” Gonsalves said.
Regarding Grenada, the IMF official said that while the full estimate of the damages and losses is yet to be completed, the initial estimates suggest that physical damages alone exceed 16 per cent of GDP.
“And, this includes substantial damage to infrastructure and housing and significant damage to agriculture and fisheries.
“Economic growth, despite all of these challenges in the near term, is expected to remain positive, and that is supported by the hurricane’s limited impact on critical tourism, infrastructure and also the beginnings of the post-disaster reconstruction,” she told reporters.
More reason to vote for ULP, disaster and destruction even though it is very bigoted.
Look how Government dragging their feet while people get more desperate. All the millions they are borrowing doesn’t seem to make a difference. A local man can’t eat a food despite all the money there is to be earned. I thinks it’s ULP making people dependent on Government to survive and slowly tuning the country into a communist country.
More reason not to vote for the bigoted disaster and destruction lying party ULP.