CDB APPROVES PROJECT TO SUPPORT ECONOMIC REFORMS IN BARBADOS

The Board of Directors of the Caribbean Development Bank (CDB) has approved a grant of $400K US dollars to help the Government of Barbados further develop its economic reform program. The approval purpose is to support the country’s return to sustain economic growth. “This project is critical to unlocking the growth potential of the Barbadian economy, and improving the country’s economic performance. CDB is pleases to support the Government of Barbados in efforts to restructure the country’s debt and focus on creating conditions for the return of sustained economic growth” Said Dr. Justin Ram. Director of Economics. CDB’

he CDB said that when completed, the program is expected to focus on the implementation of reforms to generate and entrench improved fiscal performance. Additionally, it will seek to improve external performance and drive growth by addressing critical infrastructure gaps, and strengthening the regulatory and institutional environment within which the private sector operates. Moreover, it will place emphasis on mitigating any potential negative impacts the implementation of the program could have on the most vulnerable groups of the society. The technical assistance project will take into account lessons learnt from similar CDB-funded interventions that supported Ministries of Finance in Jamaica and Grenada. It is consistent with the Bank’s corporate priorities of strengthening evidence-based policymaking, and improving economic, fiscal and debt management.

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