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US monitoring IMF loan to Barbados

SHAWN CUMBERBATCH, shawncumberbatch@nationnews.com

Added 21 July 2019

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The Donald Trump administration has an eagle eye on Barbados’ US$290 million loan from the International Monetary Fund (IMF) – financing it could have obstructed.

In a report sent to the United States Congress three weeks ago, the Department of the Treasury said while Barbados “remains heavily indebted and vulnerable”, it believed the IMF loan “is likely to be repaid in full”.

Under provisions related to “use of US funds for foreign governments”, the US government could have objected to Barbados getting this funding from the international financial institution, which is based in Washington DC.

Long-standing practice requires that before any loan is approved by the IMF’s Executive Board, the Office of the US Executive Director (OUSED) at the IMF, working in close coordination with the Treasury Department, have to approve. (SC)

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