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by pltm
(PLTM) - Premier Hon. Dr. D. Orlando Smith has hinted that the BVI has not ruled out a deal with lending agency, International Monetary Fund (IMF), as the country pulls on international support to rebuild following the impact of Hurricane Irma.
The category 5 storm which hit the Territory in September, caused damage in excess of $3 billion to the BVI’s economy.
At a press conference yesterday, October 26, Premier Smith said he did not meet with IMF officials when he attended a World Bank meeting in Washington, a few weeks ago. But, he said the government has not ruled out that option.
“Let me put it this way, anything is possible because we have to seek resources needed to continue the rebuild,” Premier Smith said.
“When we were at that meeting [World Bank], there were many international organizations present and they expressed support for the position of the BVI and other countries that were hit by Irma. We are hoping to speak with any or all of them to see what support we can get and on what terms,” the Premier continued.
Currently, the BVI is not eligible for much aid from many international organizations because of its status as a middle income-earning country.
However, the government recently announced that the Caribbean Development Bank (CDB) and the European Union (EU) have given commitments to help the BVI with its recovery efforts. Many persons have been speculating that government will approach the IMF, but have cautioned leaders against this move, saying it will eventually cause further damage to the BVI’s economy.
The IMF, which lends money to countries that are in financial difficulty, usually imposes restrictions on borrowers such as asking countries to cut the civil service and reduce government spending.
