‘Count on IDB help’
DESPITE AN INTERNATIONAL credit rating agency’s downgrading of Barbados’ economic outlook, the Inter-American Development Bank (IDB) remains confident in the country’s economic stability.
And in a demonstration of that, the bank is discussing additional financial support for Barbados.
That’s according to manager of the IDB’s Caribbean Country Department, Gerard Johnson, who was scheduled to meet with Finance Minister Chris Sinckler and other Government officials this week about continuing and expanding his organization’s engagement with Barbados. This follows US$70 million in budget support approved by the IDB earlier this month.
“It was a very big loan and we are in discussions to continue with another one next year,” Johnson disclosed on Monday at the launch of the Energy Smart Fund for which the bank has provided US$10 million of financing.
He said the approval of such a large loan demonstrated the IDB’s confidence in the country’s economic stability, noting that “it’s only possible if the macro-economic context is considered to be stable and the macro-economic management of the government is considered to be sound”.
He later told the SATURDAY SUN that Standard & Poor’s recent lowering of its outlook on Barbados had not been ignored by the IDB. (DP)