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International Monetary Fund. Western Hemisphere Dept.

FOR IMMEDIATE RELEASE The IMF Executive Board approved the request of St. Vincent and the Grenadines for emergency financing assistance of about US$16 million to help address the challenges posed by the COVID-19 pandemic. The pandemic has hit St. Vincent and the Grenadines hard. Tourism receipts have dried up, as tourism arrivals have come to a complete halt. IMF support will help cover some of these needs and allow the government to ease the impact on the population including increased spending and health and social protection. Washington, DC

International Monetary Fund. Western Hemisphere Dept.
This paper highlights St. Vincent and The Grenadines’ Request for Disbursement Under the Rapid Credit Facility (RCF). The coronavirus disease 2019 (COVID-19) pandemic poses a major challenge to St. Vincent and the Grenadines. The tourism sector, a key driver of economic growth in the country, has come to a complete halt with ripple effects across the economy. The authorities have responded to the pandemic by swiftly implementing containment measures and a fiscal package, which includes an increase in funding for the health sector, various public construction projects to generate jobs, financial support to agriculture and fishery sector, and programs to support displaced workers and the most vulnerable. The authorities are committed to meeting the regional debt target of 60 percent of gross domestic product by 2030. Once the crisis has abated, they plan to reprioritize capital spending, contain the growth of the wage bill, enhance taxpayer compliance, and rationalize exemptions from import duties and value added tax on imports. IMF emergency support under the RCF will help fill St. Vincent and the Grenadines’ balance of payments needs. The IMF financing will also help catalyze additional donor support. The authorities are committed to ensuring transparency and good governance in the use of COVID-19-related spending.
International Monetary Fund. Western Hemisphere Dept.

Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for St. Vincent and the Grenadines

International Monetary Fund. African Dept.

Our Lesotho authorities appreciate the Fund’s prompt response to their request for emergency financing assistance under the Rapid Credit Facility (RCF) and Rapid Financing Instrument (RFI). They consider the Fund’s emergency assistance as instrumental in catalyzing additional support from other development partners. The COVID-19 shock hit the country at a time when the economy was faced with a challenging environment, characterized by constrained fiscal space, subdued growth, volatile SACU revenues and political uncertainty. As a result, the pandemic has

International Monetary Fund. Western Hemisphere Dept.

Fund Press Release PR 21/205 IMF Executive Board Approves a Disbursement of US$11.6 Million for St. Vincent and the Grenadines to Address the Fallout from the Volcanic Eruption FOR IMMEDIATE RELEASE The IMF Executive Board approved the request by St. Vincent and the Grenadines for emergency financing assistance of about US$11.6 million under the Large Natural Disaster Window (LNDW) of the Rapid Credit Facility (RCF). The RCF will help address the urgent balance of payment needs associated with the explosive eruption of the La Soufrière volcano

International Monetary Fund. Western Hemisphere Dept.

fiscal gap for those years, and to bring debt on a firmly declining path by 2025. Gross Public Debt (In percent of GDP) Sources: National authorities and IMF staff calculations. Modalities of Support 16. The requested emergency financing assistance is in aggregate 50 percent of quota (SDR 130 million or about US$183 million) and comprises a purchase under the RFI and a disbursement under the RCF . With per capita income above the prevailing operational International Development Association cutoff and given that the updated Debt Sustainability

International Monetary Fund. Middle East and Central Asia Dept.

financial assistance to affected firms and households. Despite a reprioritization of expenditures, we project the consolidated budget deficit will increase by 3 percentage points to 3.5 percent of GDP. 4. To address immediate external financing needs, the Government of Uzbekistan requests emergency financing assistance from the IMF in the amount of SDR 275.6 million, comprising a disbursement of SDR 92.05 million (16.7 percent of quota or about US$ 125 million) under the Rapid Credit Facility (RCF) and a purchase of SDR 183.55 million (33.3 percent of quota or about US

International Monetary Fund. Western Hemisphere Dept.

preparations for discussions for a Staff-Monitored Program (SMP), the arrival of the COVID-19 shock has given rise to a need for emergency financing assistance. It is expected that preparations for an SMP will resume following Board approval of the RCF request (¶16). Text Table 1. Impact of COVID-19 on Balance of Payments 1/ (In millions of US$ on a fiscal year basis; unless otherwise indicated) FY2020 SM/19/283 RCF request Difference Current account -75.2 -316.0 -240.7 Trade Balance -3,695.0 -3