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Gov’t might approach IMF for money

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As the territory continues to hunt funding to rebuild the hurricane-pommelled British Virgin Islands, government said it is possible they will approach big-time money lender, International Monetary Fund (IMF).

Minister of Finance, Dr D Orlando Smith said he will consult with the United Kingdom government before deciding whether to approach the IMF or any other financial institution.

“I have not entered into any negotiations with the World Bank or the IMF and so we are basically looking at what we need and then after that we’ll be able to determine who we’ll speak to about the needs in the territory,” Dr Smith said.

“That is the reason why I am going to the UK soon. Because we have to speak with the United Kingdom – the British government – as to what our needs are and how they can assist us in moving forward.

The finance minister, in the meantime, noted that various organizations expressed ‘support’ for the BVI.

“We are open to speak with any or all of them to see what support they can get and on what terms,” Dr Smith told journalists yesterday.

When asked to clarify whether the IMF is among those organizations, Dr Smith said: “Let me put is this way; anything is possible because we have to seek resources needed to continue the rebuild.”

The IMF is known to dictate or regulate how borrowing countries spend money, among other things – until their debts are settled.

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