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JDX bail out money to be kept as a contingency fund
Finance Minister Audley Shaw.
Billions of dollars which the Government set aside earlier this year to assist financial institutions could end up in a contingency fund.
Finance Minister Audley Shaw says while no decision has been made on what to do with the unused money which was allocated to bail out financial entities if they came under pressure as a result of the JDX, he is looking at keeping it as a contingency fund.
Officials of the International Monetary Fund (IMF) and the government held discussions on Wednesday on what to do with the US$950 million.
“Prudent practices require that we must always have a backup, we must always have contingencies in place. So whether it is called an SFF or it has another name, we must always have contingencies,”
“Within the context of the whole standby agreement and the full amount of US$1.27 billion that is to come over the period from the IMF, we will ensure that we are prudent in the use of those reserves so that we always have something in the kitty for a rainy day,” Mr. Shaw said.
Finance Minister Audley Shaw. Billions of dollars which the Government set aside earlier this year to assist financial institutions could end up in a contingency fund.
Finance Minister Audley Shaw says while no decision has been made on what to do with the unused money which was allocated to bail out financial entities if they came under pressure as a result of the JDX, he is looking at keeping it as a contingency fund.
Officials of the International Monetary Fund (IMF) and the government held discussions on Wednesday on what to do with the US$950 million.
“Prudent practices require that we must always have a backup, we must always have contingencies in place. So whether it is called an SFF or it has another name, we must always have contingencies,”
“Within the context of the whole standby agreement and the full amount of US$1.27 billion that is to come over the period from the IMF, we will ensure that we are prudent in the use of those reserves so that we always have something in the kitty for a rainy day,” Mr. Shaw said.