The Barbados government is buying back a huge chunk of its bond debt in a deal that will save it tens of millions of dollars in interest payments.

Minister in the Ministry of Finance Ryan Straughn describes the debt for nature swap as a transformational moment for the country.

The deal allows the government to buy back a portion of its debt at a lower interest rate on the condition that a portion of the saving on interest payments will be re-directed for marine conservation work.

Mr. Straughn also defended the government’s management of the country’s finances, especially the borrowing.

He argues that circumstances forced the government to undertake significant expenditure to deal with the covid-19 pandemic, the ash fall, and storm damage, among other things.

Voice of: Minister in the Ministry of Finance Ryan Straughn.