Black Immigrant Daily News
As Government’s four-year deal with the International Monetary Fund (IMF) comes to a close at month-end, Prime Minister Mia Amor Mottley has announced plans to seek to extend its partnership with the IMF for an additional three years.
And she said that this decision was “not taken lightly”.
We have been of the view that the cheapest money in town is still at the International Monetary Fund.
Addressing the nation from Ilaro Court on Friday, September 9, Prime Minister Mottley hoping to access up to US $340 million from the financial institution.
“The Cabinet yesterday [Thursday, September 9] agreed that we will formally approach the International Monetary Fund again with a letter that proposes to sign this afternoon to the managing director asking for discussions and negotiations to resume,” Prime Minister Mottley declared.
She revealed that should the discussions with the IMF in the coming weeks be successful, Government sought to get US $130 million and an additional US $200 to $210 million from the IMF’s Resilience and Sustainability Trust.
The Resilience and Sustainable Trust launched by the Fund this year will help countries build resilience to external shocks – such as natural disasters, pandemics, etc – and promote sustainable growth.
“We are living in very difficult and uncertain times and in a world where a number of countries…are on the brink of debt difficulties and debt crisis. We are conscious that between that, and the monetary stance that has been taken by most central banks to control inflation has led to an increase in the cost of borrowing. We have been of the view that the cheapest money in town is still at the International Monetary Fund.
“In addition to that, it also unlocks other development funds that may be made available to us as a nation. And indeed, about an hour ago I spoke to the president of the Inter-American Development Bank who confirmed what the limits and potential is for Barbados, both for the rest of this year 2022 and in 2023 with respect to the funding that be made available to us,” Mottley added.
NewsAmericasNow.com
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