Loans ‘soften the blow of Covid-19’ – NationNews Barbados – nationnews.com

posted on

Minister at the Ministry of Finance and Economic Affairs Ryan Straughn (GP)

Faced with a $2 billion economic contraction and $600 million drop in revenue, the government reportedly found it “completely impossible” to fund Barbados’ response to the COVID-19 pandemic without borrowing more money. the International Monetary Fund (IMF) and others.

Now that they have taken on the increased financial burden, the IMF and other key players in the international community must give Barbados and other countries the opportunity to manage COVID-19-related debt more easily.

Finance and Economic Affairs Minister Ryan Straughn made that clear yesterday as he defended the government against criticism that the country’s debt had ballooned under the current administration.

Straughn also said during the debate on the Debt Conversion (Counter-Collateral) Bill 2022 in the House of Assembly that Government Mia Amor Mottley loans from the IMF were originally slated to be $450 million, but increased to the current $870 million due to unexpected pandemic-related financing needs and other shocks like Hurricane Elsa. (CS)

Subscribe now to our e-NATION edition for the full story.

For the latest stories and breaking news, download the Nationnews apps for iOS and android.

Garland K. Long