THE EXPECTED PROCEEDS from the divestment of Hilton Barbados and the Barbados National Terminal Company Limited (BNTCL) will be key in boosting Barbados’ flagging foreign reserves.
This was the assessment of Acting Governor of the Central Bank of Barbados, Cleviston Haynes, as he fielded questions from the media at Hilton Barbados yesterday.
His comments followed the bank’s release of its review of Barbados’ economic performance for the first half of this year. This showed that despite economic growth of about 2.2 per cent and a slightly narrowed fiscal deficit, import cover stood below ten weeks.
Haynes said the reserves dropped because of heavy external debt service obligations, which came during the second quarter. (NB)
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