Finance director says IMF funds prudently managed

Wednesday, November 25, 2009 – Director of Finance Mr. Isaac Anthony says the US$10.7 million from the International Monitory Fund (IMF) is being prudently spent and managed by government.

The director of finance provided the update on the IMF funds at the recently held Annual General Meeting of the Saint Lucia Chamber of Commerce.

According to Mr. Anthony, a significant amount of the IMF funds is being used to assist small entrepreneurs to enhance their businesses.

“It is a loan to the government. Once approved by the IMF it was disbursed. It was actually paid to us through the ECCB, and we have since been drawing down on the resources. As a matter of fact seven million dollars out of this facility is actually being paid to the Saint Lucia Development Bank to manage a facility called an Exogenous Shock Facility targeting particularly the business community.

Mr. Isaac Anthony also used the opportunity to address some concerns and queries relating to the loan from the IMF. The director of finance says based on the terms, the government of Saint Lucia is well placed to repay the IMF loan.

“The Exogenous Shock Facility is a facility provided to the government with no conditionality. As the permanent secretary of finance, I represented the government in the negotiations with the IMF and I know for a fact that there was no conditionality. All the IMF was seeking to do, was to respond like all the international partners, to the situation being faced by countries and to assist small developing countries like Saint Lucia,” Anthony said.

In granting the loan to the government of Saint Lucia, the IMF noted that the implementation of prudent policies, together with support from the international donor community, will help position Saint. Lucia for a solid recovery once the global recession bottoms out.

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