Government says its ability to access a US$225 million bridging loan in these tough economic times is an indication that?Barbados can still borrow on the international markets and at reasonable rates.
But its terms and conditions have raised eyebrows locally and condemnation from the Opposition?Barbados Labour Party (BLP), which said Government was going into “uncharted territory”.
Still, Minister of Finance Chris Sinckler said the interest rate for this short-term type of facility was “very good” and that despite the volatility of the international capital markets, Barbados has had offers from at least three major financial institutions.
“What this will do for us is to allow the Government to satisfy its remaining financial requirements for the rest of the financial year (ending March 31, 2014),” he told the House of Assembly late Tuesday night.
