On August 17, 2007 Hurricane Dean struck Dominica, causing widespread damage to the agricultural sector and significant damage to the island’s infrastructure.
Economic Growth is estimated to have slowed to 1 percent in 2007, mainly as a result of the devastating impact of Hurricane Dean on the economy, while the loss in export earnings in 2007 and 2008 is estimated at 4 percent of GDP. The estimated cost of the hurricane by EMDAT was 20,000,000 USD. A woman and her 7-year-old son were killed when a rain-soaked hillside gave way and crushed the home where they were sleeping. Dominica's government later reported at least 150 homes were damaged. Dominica, which lies north of Martinique, had minor flooding, a few downed fences and trees and battered banana crops, one of the island's main exports. Following the storm the IMF (International Monetary Fund) Executive Board approved SDR 2.05 million (US$3.3 Million) in emergency assistance for Dominica. At the conclusion of the IMF’s Executive Board’s discussion on Dominica, Murilo Portugal, Deputy Managing Director and Acting Chair, said: “Prior to the hurricane, Dominica had significantly reduced fiscal imbalances under an economic programme supported by the Poverty Reduction and Growth Facility(PRGF), which had helped reduce the external current account deficit and placed the public debt on a downward path. However with foreign exchange earnings impaired by the hurricane and the significantly expanded imports of reconstruction materials, Dominica now faces large balance of payments financing needs.”
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