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Barbados Economic Reform Receives Support From Caribbean Bank

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Bridgetown, Barbados.- The Barbados government has the financial support of the Caribbean Development Bank, whose board approved a donation of 400 000 dollars to help develop its economic reform program.

‘This project is essential to unfreeze the growth potential of the Barbados economy and improve the economic performance of the country, so we are pleased to support the Government of Barbados in its efforts to restructure its debt and focus on creating the conditions for the return of a sustained economic growth ‘, assured the Director of Economy of the entity, Justin Ram.

The technical assistance project seeks to improve the capacity of the Ministry of Finance, Economic Affairs and Investment of Barbados to design, negotiate and adequately monitor the implementation of critical macroeconomic and structural reforms.

It is also expected to strengthen the nation’s macroeconomic policy and planning.

This project responds to the urgent challenges the Caribbean country faces, including a fragile situation of fiscal and external liquidity; and unsustainable levels of public debt, which adversely affect investor confidence and, consequently, domestic economic activity.

The Caribbean Development Bank, founded in October 1969 in Kingston, Jamaica, with headquarters now in Saint Michael, Barbados; is an international financial institution whose objective is to promote cooperation and regional integration and finance economic, social and institutional development projects in the Caribbean area.

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