International Monetary Fund Approves 6.4 Million Loan To SVG

The executive board of the International Monetary Fund (IMF) on Friday approved a disbursement of about 6.4 million US dollars for St Vincent and the Grenadines.

Prime Minister Dr. Ralph Gonsalves said the amount is to be drawn equally from the Rapid Credit Facility (RCF) and the Rapid Financing Instrument (RFI) at about 3.2 million US dollars each.

Speaking at a news conference this morning, Dr. Gonsalves said this disbursement is expected to assist this country in meeting an urgent balance-of-payments need due to severe flooding and landslides in December 2013 that caused massive damage to infrastructure, housing and agriculture.

Dr. Gonsalves explained that the financing is not an indication that St. Vincent and the Grenadines is on an IMF programme.