Government has turned to the Inter-American Development Bank (IDB) for $240 million to strengthen Barbados’ health and economic response to the COVID-19 pandemic.
Yesterday, the financing agency announced that the US$120 million 20-year policy-based loan, to be executed by the Ministry of Finance, Economic Affairs and Investment, was “the first of a two-step programme with Barbados to improve the efficiency and effectiveness of the country’s public policy and fiscal management in response to the COVID-19 crisis”.
This will be done “through the design and implementation of effective and fiscally responsible policy measures”.
The funds, which were approved by the IDB’s board of governors earlier this week, will be disbursed shortly, but form part of a larger package being negotiated by Government with the International Monetary Fund, the European Investment Bank and the Development Bank of Latin America (CAF). The total package amounts to US$402 million. (SC)
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