EU Disburses Economic Development Tranche Of EC$17.55M To Montserrat

The European Union has disbursed EC$17.55 million (€5.72M) to the Government of Montserrat (GoM) as the First Fixed tranche under the Multi-Sector Sustainable Economic Development Budget Support Programme.

The assistance is inclusive of an emergency top-up payment of EC$1 million (€320,000) as additional support to help with the economic recovery of Montserrat after Hurricane Maria struck in September 2017.

The overall objective of the Budget Support Programme is to assist in setting Montserrat on a path of sustainable economic development, based on its 2017-2021 Medium Term Economic Policy (MTEP).

The assistance is expected to support Montserrat’s renewable energy thrust and new port development to facilitate access to the island. It is also geared towards enhancing the country’s tourism industry as well as improving the business environment and more inclusive private sector development.

The European Union Delegation will continue to support Montserrat’s efforts to create a coherent, comprehensive and sustainable policy framework that will ensure sustained and inclusive economic growth in the long term.

The EU welcomed the determination of the Government of Montserrat to increase economic resilience through strategic sector projects and mainstreaming resilience in all policies. This includes ensuring adequate building codes and standards in order to mitigate socio-economic losses in the event of natural disasters.

The EU Delegation expressed satisfaction to the Government of Montserrat as it continues to show progress and commitment toward prudent Public Financial Management (PFM), good Budgetary Transparency reforms and the pursuit of stable macroeconomic policies.

The overall programme (Grant) of the current 11th European Development Fund intervention is approximately EC$57.35 million (€18.72M).

The programme is expected to run until 2022, with EC$54.30 million (€17.72M) earmarked for multi-sector development as budget support. Montserrat also benefits from regional EU assistance for Overseas Countries and Territories (OCTs).