Minister of Finance, Colm Imbert says a possible withdrawal of money from the Heritage and Stabilization Fund is one of the options available to the government amid concerns about the decline in the global demand for oil in light of the Coronavirus outbreak.
Speaking at a news briefing today, Minister Imbert said the Heritage Fund lost about five percent of its value over the last two weeks.
However, the Minister noted that he did see a recovery in the last week.
He explained that the fund is not just invested in US stocks but in bonds as well, adding that there are constraints on accessing the fund, given the way it is structured to function.
Minister Imbert then provided insight into the various choices that the government can explore in treating with the deficit situation.