The government is promising major initiatives to help troubled families warning that crime could jeopardize the country’s economic objectives.
This was stated by minister in the ministry of finance, Ryan Straughn, during a news conference at the Barbados Central Bank where he, along with minister in the ministry of economic affairs and investment Marsha Caddle, and the International Monetary Fund’s Deputy Division Chief for the Caribbean Bert Van Selm reported on the outcome of the IMF’s latest review of Barbados’ economic restructuring program.
They stated that Barbados continues to meet all its targets under the program with Mr. Straughn stressing the need for Barbados to press ahead with its structural reforms.
He says the restructuring agreement Barbados has reached with its creditors will substantially reduce the cost of servicing the national debt, creating fiscal space that allows some of those savings to be reinvested in the fight against crime.
Money will also be invested in programs targeting troubled families.
Meantime, Mr. Van Selm the head of the IMF’s Barbados mission stressed the significance of Barbados striking a deal with its external creditors and predicted this will lead to upgrades from international credit rating agencies and increase investor confidence.