IDB stands by funding
BARBADOS IS NOT in danger of losing out on Inter-American Development Bank funding, despite continued downgrading by international rating agencies.
Rather, new IDB representative in Barbados Carlos De La Hoz Vinas said the bank was expected to approve “a little bit more than US $50 million” in its country strategy for Barbados this year in keeping with the bank’s strategy to allocate between US$40 and US$50 million annually to Barbados for projects from 2015 to 2018.
Last September Standard & Poor’s (S&P) lowered its long-term foreign and local currency sovereign ratings on Barbados to ‘B-’ from ‘B’, expressing concern that the island’s fiscal adjustment programme had again fallen short of stemming another increase in debt to gross domestic product (GDP).
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