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Mia: Let go IMF report


RANDY BENNETT, [email protected] nationnews.com

Mia: Let go IMF report

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RELEASE the International Monetary Fund’s (IMF) 2017 Article IV Report!

Barbados Labour Party leader Mia Mottley on Thursday demanded Minister of Finance Chris Sinckler make public the findings of that report which was approved by the IMF’s executive board since January.

The call came one day after Sinckler said people who were not privy to the facts were alarming the public. He advised Barbadians to only pay attention to official reports from the Central Bank of Barbados.

However, during a Press conference at the Opposition Leader’s Office in Parliament Buildings yesterday afternoon, Mottley questioned why the data from the IMF report had not been made public.

“Minister Sinckler, if there is no need for regional economists such as Ms [Marla] Dukharan to be concerned, then why has the Government refused to release the 2017 Article IV Report?

“The publication of Article IV reports is widely considered around the world to be sound practice in terms of supporting transparency in economic policy-making and strong investor relations. It is only troubled governments, fearful of the political fallout of IMF criticism, that shun publication,” she charged.

“What is in the document that Minister Sinckler does not want people to find out as elections loom?”

Situation ‘dire’

 

Saying he was “totally out of his depth” and “swimming in waters too deep”, Mottley said the country’s economic situation had got so dire that the Central Bank had been approaching financial institutions for assistance.

“The reality is that the Central Bank has been talking to financial institutions, both banks and in the non-banking sector.

“I’m not flying kites. In the second quarter, which is the one we are in now, we are going to have to find $73.7 million for Credit Suisse. We are going to have to find for Deutsche Bank and Bear Stearns another $23.7 million. We are going to have to find for the Caribbean Development Bank (CDB) and the Inter-American Development Bank (IDB) another $25.9 million and that’s between April 1 and June 30,” Mottley disclosed.

“In the third quarter we are going to have to find $14.2 million for Deutsche Bank and we are going to have to find $19 million for the CDB and the IDB. In December, we are looking at $73.7 million for Credit Suisse again, Deutsche Bank and Bear Stearns $23.4 million and CDB and IDB $28.3 million.”

She said this meant that whichever party was elected into office would have the added pressure of servicing those loans in quick time. (RB)

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