CARIBBEAN TODAY ~ A Caribbean Today special feature IMF official worries over impact of economic crisis on Caribbean SHINGTON A top offi- major achievements of higher estimates that at least $25 bil- and potentially also for politi- is to double the IMF's conces of the International growth, lower poverty, and lion in urgent concessional cal stability, stating that spend- sional lending capacity, station netary Fund (IMF) is wor- greater political stability that financing will be needed this ing on targeted social safety that the IMF is also looking many low-income countries year in the most affected coun- net programs "should be ways to make its lending to S have made over the past tries, ramped up to protect the low-income countries more decade," he added. The IMF study found that a number of countries are par- ticularly vulnerable to the unfolding crisis. Strauss-Kahn CAUTION Strauss-Kahn cautioned that lower growth could have serious implications for poverty poor." At the same time, he said it will be critical to protect spending on health, education, and vital infrastructure. Strauss-Kahn said his goal flexible, "reflecting their grow- ing diversity and heightened exposure to global volatility." Crafting a better financial future Strauss-Kann tried about the impact of the unfolding global economic crisis on vulnerable nations, including those in the Caribbhan, and sug- gests that the donor community needs to respond with "urgent" and ;L nk rl IuI" action. "After hitting first the advanced economies and then the emerging economies, a third wave from the global financial crisis is now hitting the world's poorest and most vulnerable countries," said Managing Director Dominique Strauss-Kahn at the recent launch of a new IMF study, entitled "The Impact of the Financial Crisis on Low- Income CI'1 iiriL '. "This puts at risk the ERIC BENDEROFF Dan Hassenplug's month- ly expenses used to include around $300 for lunch and three or four books bought from Amazon. com. Now he's pl1ulLd into a new breed of social network that helps him manage his finances. "When you see a graph that says you averaged $10 a day for lunch about $300 for the month - well, that's a lot of money," said the 24-year-old design manager from Geneva, Illinois. Now he's cut that expense in half by packing a lunch most days and buying only one book a month. "There's a library down the street," he said. With the economy wob- bling and people worried about job security and stretching their dollars, memberships at social finance sites such as Mint which -.iz Hassenplug uses -- and Wesabe.com have grown as peo- ple look for financial discipline. The sites, which are free to join, are more than Facebook meets your checkbook. They offer forums where users discuss spending habits and solicit feedback from peers. In addition, the sites employ interactive tools that help teach users how to budget and search for the best deals based on the spending habits of all users. Useful spending patterns can be determined because the social finance sites A S, / 1 Ii *. - place." are linked to a users' bank, brokerage and other accounts. Individual account data remains anony- mous and secure. Typical finan- cial software is "good at telling you were your money went," said Marc Hedlund, Wesabe chief executive offi- cer and founder. That's helpful, but it's not g ,, ,d at get- ting you to a better UNCOMFORTABLE He said most people are uncomfortable talking about personal finance, even with close friends. But on a social site, where users have only a screen name, they are open and honest. "People go into the discus- sion area and say, 'This is my sit- uation, what should I do about it?' People can see they are not alone," Hedlund said, "and they can learn from others." The interactive tools at Wesabe make specific ,u,.,.- tions on how to save. For example, the site might nI,.,JLI using a different auto mechanic, noting that other users have saved money using an independent repair shop. The site is able to pro- vide specific store names because it bases its advice on aggregated payments culled anonymously from users' checking accounts. Wesabe, launched in 2006, has more than 100,000 mem- (CONTINUED ON PAGE 6) Let us open the door to financial Let us open the door to financial opportunities in Jamaica for you. The Victoria Mutual Building Society Florida Representative Office Suzette D. Rochester B.B.A, MA.. Manager For over 130 years, Jamaicans have trusted The Victoria Mutual Building Society (VMBS) to provide the best financial solution to achieve homeownership. Today, the Society remains committed to its members and aims to operate as a truly mutual organization, that is, one that is owned by and run for the benefit of its members. 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