Daily Archives: October 6, 2012

Barbados applies for new IDB loan to make payments on previous borrowing

Like a speed addict looking for another fix…

(Submitted by Mac and Clambake)

According to a Nation article, our government has applied for yet another loan from the Inter-American Development Bank to “Shore up its finances”.

Let me put that into simple English for you: We can’t make our current expenses, including payments for previous borrowing, so we’ve borrowed more to make everything better. Better for only a while, that is.

“If I ran my family’s finances like politicians run Bim, we’d be out on the street

Anyone who’s ever taken a cash advance from one credit card to make a minimum payment on another credit card is quite familiar with what’s going on here. The only difference is the bank doesn’t allow you to indebt the next five generations and their futures for your credit card payment. The IDB and the big countries love it when Barbados does this because the more we owe the more we can be controlled.

US$377.1 million from the IDB in the past 5 years.

Who owns our Barbados? How much do we really owe? Does anyone really know?

How are we going to repay all this money? When will we start?

Get yourself over to the IDB Barbados page and you’ll see this little pie chart that tells the sad tale. In the last five years alone, Barbados has borrowed from the IDB some US$377.1 million dollars and I challenge anyone to account for what ‘we’ did with it.

Barbados borrowing from the Inter-American Development Bank

US$377.1 million for the past five years only…

Doesn’t include the recent $66 million dollar application…

Agriculture and Rural Development  US$20.5 million

Energy    US$142 million

Environment and Natural Disasters    US$30 million

Tourism    US$55 million

Urban Development and Housing    US$30.2 million

Others     US$99.4 million

Further Reading

IDB loan in works

BY TONY BEST | FRI, OCTOBER 05, 2012

Barbados has applied to the Inter-American Development Bank for a BDS$66 million loan to shore up its finances. Continue reading

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7 Comments

Filed under Barbados, Economy

Obviously sober Owen Arthur presents a good case. Would you vote BLP?

“The BTA has been left to languish financially…”

Dear Barbados Free Press,

Owen Arthur is a crook. We know that from his last go-round as Prime Minister.

But at least his economic criticism of the current DLP government makes sense when he’s sober.  🙂

JT from Drax Hall

(Poll now closed. Here for results.)

13 Comments

Filed under Barbados, Politics