IMF To Provide Long-Term Financing
Managing Director of the International Monetary Fund, Kristalina Georgieva, is encouraging Caribbean countries to build economic resilience. She also discussed the IMF’s new funding instrument that will give countries long-term loan opportunities to build its resilience. Managing Director Georgieva says Caribbean countries must do as much as they can to build economic- financial resilience.
This as the director lauded the region for its strength within its people. She was speaking at the IMF high level panel discussion, on building resilience and sustainability in the Caribbean, Friday. Finance Minister, Dr. Nigel Clarke, who moderated the panel discussion, questioned the managing director about the Resilience and Sustainability Trust, RST.
The RST is a new funding instrument by the IMF that will provide long-term financing, long-term maturity for structural transformation to build resilience. The RST is a 20 year loan with ten and half year grace period. This means countries that access the RST loan today will not pay anything back for the first ten and half years.
The IMF will be making commitments to countries from October 2022 onwards.
Reporter: Justin Graham
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