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Sagicor welcomes IMF move

SHAWN CUMBERBATCH, [email protected]

Sagicor welcomes IMF move

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Sagicor Financial Corporation has welcomed Government’s decision to get help from the International Monetary Fund.

The company’s chief operating officer Ravi Rambarran said: “We view that as a welcome development, it demonstrates recognition of the problem, acceptance of the problem, and that you are now willing to engage on a path towards fiscal sustainability.”

He was speaking today from Trinidad during a teleconference where he and group president and chief executive officer Dodridge Miller reported on the group’s performance and fielded questions from the Trinidad and Tobago and Barbados media.

Rambarran said last year Sagicor achieved its best performance since 2008. It earned a US$115.3 million profit last year, compared to US$109.3 million in 2016.

The positive performance continued in the first quarter ended March 31, when Sagicor’s net income was US$38.9 million. It earned US$27 million in the same period the year before.

Both Rambarran and Miller said 2018 was likely to be another good year for company. Barbados accounts for about 14 per cent of its business. (SC)