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Posted: 7/29/2009 1:36:20 PM
WASHINGTON, United States – With a number of Caricom countries accessing financial assistance from the International Monetary Fund (IMF) so far this year, the Washington-based financial institution Wednesday announced plans to “sharply increase the resources available to low income countries” so as to help them deal with the global economic and financial crisis.
Dominica, St Lucia, St Vincent and the Grenadines and St Kitts have already accessed IMF funds under the rapid-access component of the Exogenous Shocks Facility (ESF).
Jamaica is now seeking a US$1.2 billion Stand-by Agreement with the IMF and Grenada has also indicated that it would seek financial assistance from the Washington-based financial institution.
Yesterday night, Barbados Prime Minister David Thompson said that his administration would be drawing down BDS$80 million (US$40 million) of its IMF reserves, while reiterating that there was no intention of entering into an austerity programme with the IMF.
An IMF statement on Wednesday said that its executive board has approved “unprecedented measures that will sharply increase the resources available to low-income countries in this time of global crisis.
“The resources — including from the sale of IMF gold — are expected to boost the Fund’s concessional lending by up to US$17 billion through 2014, including up to US$8 billion over the next two years.”
In addition, the IMF announced zero interest payments on outstanding concessional loans through end-2011 for all low-income members and that a new set of lending instruments will underpin this increased support.
Posted: 7/29/2009 1:36:20 PM
WASHINGTON, United States – With a number of Caricom countries accessing financial assistance from the International Monetary Fund (IMF) so far this year, the Washington-based financial institution Wednesday announced plans to “sharply increase the resources available to low income countries” so as to help them deal with the global economic and financial crisis.
Dominica, St Lucia, St Vincent and the Grenadines and St Kitts have already accessed IMF funds under the rapid-access component of the Exogenous Shocks Facility (ESF).
Jamaica is now seeking a US$1.2 billion Stand-by Agreement with the IMF and Grenada has also indicated that it would seek financial assistance from the Washington-based financial institution.
Yesterday night, Barbados Prime Minister David Thompson said that his administration would be drawing down BDS$80 million (US$40 million) of its IMF reserves, while reiterating that there was no intention of entering into an austerity programme with the IMF.
An IMF statement on Wednesday said that its executive board has approved “unprecedented measures that will sharply increase the resources available to low-income countries in this time of global crisis.
“The resources — including from the sale of IMF gold — are expected to boost the Fund’s concessional lending by up to US$17 billion through 2014, including up to US$8 billion over the next two years.”
In addition, the IMF announced zero interest payments on outstanding concessional loans through end-2011 for all low-income members and that a new set of lending instruments will underpin this increased support.