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International Monetary Fund
The Executive Board of the IMF has approved a disbursement of an amount equivalent to SDR 2.075 million under the Rapid Credit Facility for St. Vincent and the Grenadines to help the country manage the economic impact of Hurricane Tomas. The Board’s approval enables the immediate disbursement of the full amount. The late-October 2010 hurricane inflicted significant damage to agriculture, housing, and infrastructure. The initial assessment conducted by the government estimated the cost of damage at 5 percent of gross domestic product.
International Monetary Fund
The Executive Board of the IMF on July 25, 2011, has approved a disbursement of an amount equivalent to SDR 1.245 million under the Rapid Credit Facility (RCF) for St. Vincent and the Grenadines to help the country meet the urgent balance-of-payments need caused by torrential rains, flooding, and landslides in April that caused extensive damage to infrastructure, agriculture, and housing. The RCF, which provides rapid financial assistance for low-income countries with an urgent balance-of-payments need, does not require any program-based conditionality or review.
International Monetary Fund

reduction. Financing under the RCF carries zero interest (until end 2011), has a grace period of 5 ½ years, and a final maturity of 10 years. The Fund reviews the level of interest rates for all concessional facilities every two years. Following the Executive Board’s discussion of St. Vincent and the Grenadines, Mr. John Lipsky, First Deputy Managing Director and Acting Chair, stated: “St. Vincent and the Grenadines suffered significant damage to agriculture, housing, and infrastructure as a result of Hurricane Tomas in October 2010. High reconstruction and

International Monetary Fund

program-based conditionality or review. However, economic policies are expected to address the underlying balance of payments difficulties and support policy objectives including macroeconomic stability and poverty reduction. Financing under the RCF carries zero interest (until end 2011), has a grace period of 5.5 years, and a final maturity of 10 years. The Fund reviews the level of interest rates for all concessional facilities every two years. Following the Executive Board’s discussion of St. Vincent and the Grenadines, Ms. Nemat Shafik, Deputy Managing Director