IMF providing emergency funds to St Lucia

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by Caribbean News Now Staff

CASTRIES, St Lucia — The International Monetary Fund (IMF) on Tuesday said the emergency funding being provided to St Lucia should play a catalytic role in mobilising financial support from other financial institutions as the island deals with the aftermath of the damage caused by Hurricane Tomas in October.

CMC reported that the Mission Chief for St Lucia at the IMF, Alfred Schipke, in a statement said that the IMF will be providing US$8 million to St Lucia to deal with the effects of the hurricane that caused landslides, resulting in human causalities and severe damage to road and water supply infrastructure and agriculture.

"The emergency financing is subject to approval by IMF management and the executive board, which could consider the request in mid January 2011," said Schipke.

He said the total emergency financing of US$8.20 million would be allocated to St Lucia’s budget to support the authorities’ emergency response.

"The funds are expected to play a catalytic role in mobilising financial support from other international/regional financial institutions. The emergency assistance also would come on top of the US$10.74 million provided under the IMF’s Rapid-Access Component of the Exogenous Shocks Facility approved in July 2009 to buffer the adverse impact of the global economic and financial crisis," he added.

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