IMF allocates US$644 Million to Trinidad and Tobago

This week the Government of Trinidad and Tobago would be holding a 3 days retreat at Tobago. This meeting will focus on the existing social, economic policies. During this retreat, the problems for the financial sector amid the COVID-19 pandemic will be discussed.

While speaking on the TV programme, PM Dr Keith Rowley said that the decision was recently taken by the International Monetary Fund (IMF) to give a reasonable amount of US$644 million to Trinidad and Tobago of the largest allocation of Special Drawing Rights (SDRs) in their history it would also be focused topic during the retreat.

PM Rowley said, “This pandemic has affected us three times as bad, and it is so widespread and all-pervasive in that the global financial crisis basically was dealing with people who had money and was losing money and those who did not have, have nothing to lose,” he told the “Brighter Morning with Bhoe” program hosted by former government minister Dr Bhoe Tewarie.”

PM Rowley, while informing about stated that the IMF, the Washington-based financial institution, had admitted that the current economic crisis during the COVID-19 pandemic situation is much serious than that of 2009.

PM Rowley said, “We are very happy for their response, and our share of that support is going to be utilized much to our benefit. One speaks of the IMF, they speak of the old guard they know, but on this occasion, I hope you understand being a member of the IMF has its great benefit.”

PM Rowley highlighted that the government would be using this allocation to strengthen their country’s position in export marketing. This allocation gives the surety that the government would fund the recovery that had to be done in different ways. It would prevent them from borrowing as much as they would have to borrow from various sources if they were without support.