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In light of the financial situation worldwide, Inter-American Development Bank (IDB) Country Representative, Marco Nicola, says that the bank will have less money for Guyana.According to him,Alexander Semin Canadiens Jersey, the previous financial package for a five-year period was more than US$500M. This is now coming down to between US$113 and US$115M.Nicola added that his management team in Washington is working on a proposal to replenish the concessional financing funds.However,Max Pacioretty Canadiens Jersey, this will take a long time, so at least for 2009 and 2012 there will be less money for Guyana and other countries in the region. IDB President Luis Alberto Moreno,Jaromir Jagr Rangers Jersey, during a recent interview, had said that the crisis is reducing the availability of credit to emerging market countries and reducing demand for commodities, which are the main source of exports from Latin America and the Caribbean.“Our banking system, despite its resilience stemming from a sound regulatory framework, has also been exposed to the crisis because of the presence of international banks,Sergei Nemchinov Rangers Jersey, which have been cutting lending to the region. As a result, economic growth in the region will be affected,Danny DeKeyser Red Wings Jersey, meaning fewer jobs and more people are under threat of falling back into poverty,Saku Koivu Canadiens Jersey,” he said.According to Moreno,Tom Wilson Capitals Jersey, the IDB has been partnering with countries to mitigate current risks and prevent the negative outcomes of the crisis from taking place.The IDB,Jean Beliveau Canadiens Jersey, he added, created a $6 billion emergency liquidity fund in October to provide financing for banks in the region so they can continue to provide loans to companies.“We are reinforcing our policy dialogue with the countries in order to maximise the best possible allocation of our resources and have the greatest impact. We are committed to increasing our financing to the region.”Moreno also said that the bank’s lending or operations have not been materially affected. However, the global financial crisis has reduced the market prices of several types of securities,Mark Messier Rangers Jersey, and the IDB was not immune.“Our liquid investment portfolio sustained losses last year, mostly unrealised. But the IDB maintains its strong financial position. More than 99 percent of asset and mortgage-backed securities in our portfolio, for example, continue to pay interest and principal, and more than 80 percent hold the highest investment grade rating.”He noted that the bank is making a tremendous effort to increase its financing this year.“We may approve a record of as much as $18 billion in financing in 2009, which could be made up of $12 billion from our ordinary capital, and as much as $6 billion from our emergency liquidity fund.”