St Lucia’s parliament approves IMF loan
Published:Friday | August 28, 2009 | 9:08 AM
St Lucia’s Prime Minister Stephenson King has received parliamentary support for his administration to borrow US$10.7 million from the International Monetary Fund, IMF.
The St. Lucian government is accessing the loan under the IMF’s exogenous shocks facility, which provides financial support to help countries respond to the effects of the global economic crisis.
Prime Minster King, who is also St Lucia’s Finance Minister, says if the IMF did not have confidence in his administration, it would not have offered the loan facility.
He also says there are no specific conditions associated with the loan, except a requirement that the government continues to commit to sound microeconomic policies.
St Lucia is accessing the IMF loan at an interest rate of 0.5 per cent.