• Today
    September 21

  • 08:15 PM

CDB approves project to support economic reforms in Barbados

PR,

Added 10 September 2018

cdb-logo

The Board of Directors of the Caribbean Development Bank (CDB) has approved a grant of USD$400 000 to help the Government of Barbados further develop its economic reform programme. The approval sets into motion the Bank’s plan to support the country’s return to sustained economic growth.

The technical assistance project aims to enhance the capacity of staff in the Ministry of Finance, Economic Affairs and Investment to adequately design, negotiate and support the implementation of critical macroeconomic and structural reforms. Further, it is expected to strengthen Barbados’ macroeconomic policy and planning.

“This project is critical to unlocking the growth potential of the Barbadian economy, and improving the country’s economic performance. CDB is pleased to support the Government of Barbados in its efforts to restructure the country’s debt and focus on creating conditions for the return of sustained economic growth,” said Dr Justin Ram, Director of Economics, CDB.

The technical assistance project responds to the urgent challenges Barbados faces, including a fragile fiscal and external liquidity situation; and unsustainable levels of public indebtedness. Such issues are adversely affecting investor confidence and consequently, domestic economic activity.

“CDB expects this project to play a significant role in supporting prudent macroeconomic policy formulation and efficient decision-making. It lays the foundation for further economic reform assistance to Barbados from the Bank,” said Dr Ram.

“We commend the Government on the creation of the Barbados Economic Recovery and Transformation Plan and the successful negotiation of a Staff-Level Agreement with the International Monetary Fund, which are important steps in the right direction towards sustainable economic recovery for Barbados. We anticipate the continued support of the international development community for Barbados along its path to economic recovery, transformation and growth,” he added.

When completed, the programme is expected to focus on the implementation of reforms to generate and entrench improved fiscal performance. Additionally, it will seek to improve external performance and drive growth by addressing critical infrastructure gaps, and strengthening the regulatory and institutional environment within which the private sector operates. Moreover, it will place emphasis on mitigating any potential negative impacts the implementation of the programme could have on the most vulnerable groups of the society.

The technical assistance project will take into account lessons learnt from similar CDB-funded interventions that supported Ministries of Finance in Jamaica and Grenada. It is consistent with the Bank’s corporate priorities of strengthening evidence-based policymaking, and improving economic, fiscal and debt management. (PR)

JOIN THE DISCUSSION

Dos and Donts


Welcome to our discussion forum here on nationnews.com. We encourage lively debate, but we also urge you to take note of the following:

  • Stay on topic – This helps keep the thread focused on the discussion at hand. If you would like to discuss another topic, look for a relevant article.
  • Be respectful – Meeting differences of opinion with civil discussion encourages multiple perspectives and a positive commenting environment.
  • Do not type in capitals – In addition to being considered “shouting” it is also difficult to read.
  • All comments will be moderated – Given the volume of comments each day, this may take some time. So please be patient.
  • We reserve the right to remove comments – Comments that we find to be abusive, spam, libellous, hateful, off-topic or harassing may be removed.
  • Reproduction of comments – Some of your comments may be reproduced on the website or in our daily newspapers. We will use the handle, not your email address.
  • Do not advertise – Please contact our Advertising Department.
  • Contact our Online Editor if you have questions or concerns.
  • Read our full Commenting Policy and Terms of Use.
comments powered by Disqus

POLL

Barbados has introduced e-passports which feature biometric chips embedded in them. Do you think this will increase security and ease travel?

Yes
No
Not sure

FRONT COVER OF TODAY'S NEWSPAPER

CARTOON

INSTAGRAM