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Caribbean Development Bank warns Barbados gov't to urgently deal with debt situation

Published:Thursday | September 22, 2016 | 11:18 AM
The shoreline along a section of the Caribbean island Barbados.

President of the Barbados-based Caribbean Development Bank, Dr Warren Smith, is warning the Barbados government that it needs to deal urgently with the island’s worsening debt situation.

In an interview with the online publication, Barbados TODAY, Dr Smith suggested that adjustments were urgently needed to correct the economic slide.

He described the island’s overall fiscal position as unsustainable and cautioned that if left unchecked, it would do untold damage to the local currency.

The Jamaica-born economist said that Barbados should consider privatising a number of state entities including the Grantley Adams International Airport and the Bridgetown Port.