Tuesday, April 23, 2024

Barbados ‘cut off’ due to economic development

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Minister of Finance Chris Sinckler has expressed concern that the economic development of Barbados and other small open economies has been used as a “bludgeoning instrument” against them when it comes to concessional financing from entities like the World Bank and preferential access to markets internationally.
Sinckler made the remarks yesterday, as he addressed the Inter-American Development Bank’s (IDB) Third Annual Retreat of Caribbean Civil Society Consultative Groups at the Hilton Barbados, hinting that Government may have to possibly look to the IDB for assistance again in terms of developmental assistance.
The minister reflected on Barbados’ economic difficulties of the early 1990s when it had to seek assistance from the International Monetary Fund (IMF), along with other strategies to help turn around the economy and put it on a path of growth.
He said at the time the IMF’s assistance was not enough and Barbados also had to seek intervention from the IDB through an investment sector loan of US$30 million. (RMB)

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