Barbados’ “painful” debt-restructuring in 2018 was all for nothing, says president of the Democratic Labour Party, Dr Ronnie Yearwood.
And he has given the re-elected Mia Mottley administration a failing grade, saying the country was now in a debt trap, while the economy yet to fire.
“At the moment public debt is $13.7 billion, so effectively we are back to the position when this Government assumed office. The reality is that the debt restructuring and the debt write-off has not changed the position of Barbados,” Yearwood said.
“The reality is that $2.4 billion in debt was written off by this Government and with all of the pain and the havoc that was created in that debt restructuring process, which in some ways was not necessary, it only created space for this Government to borrow.” Yearwood said.
He was speaking on Friday during a press conference at the party’s George Street, Belleville, St Michael headquarters. (Nation News)