IMF monitoring impact of Venezuela's economic stress for Caribbean islands

IMF advisor, Western Hemisphere, Elie Canetti, told reporters that the IMF’s main concern “is that we know Venezuela is going through increasing financial stress, and oil prices have dropped from around US120 dollars a barrel to mid 70s a barrel and Venezuela is hugely dependent on selling oils. “So, we are mindful and concerned about the feasibility of PetroCaribe continuing, certainly at the level it has been, and we are looking into what will be the impact on Caribbean countries,” Cantelli said. He said the IMF has been monitoring the situation for quite some time, “but the urgency in trying to understand that is much higher now because of the financial situation in Venezuela does seem to be deteriorating much more quickly now with the drop in oil prices”. More…