IMF approves funds for ST. Lucia

St Lucia has joined other countries in the region in seeking assistance from the International Monetary Fund, IMF.



The fund has approved US$10,700,000 for St Lucia, under the rapid-access component of the Exogenous Shocks Facility (ESF).



The IMF says the arrangement will help to mitigate the impact of the global crisis on the country’s economy.



Deputy Managing Director, Murilo Portugal, said sharp declines in tourism, foreign direct investment, and remittances from abroad have led to significant pressure on St. Lucia’s fiscal and balance of payments position.



The opposition St. Lucia Labour Party is calling for Prime Minister King to reveal the conditions that St Lucia must meet in order to benefit from the IMF funds.



St. Lucia has joined St Vincent and the Grenadines, Dominica and St. Kitts in securing funds from the IMF under the ESF this year.



Jamaica recently opted to go back to borrowing arrangements with the Washington based International Monetary Fund.