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HomeBusinessCDB head acknowledges that countries appear to be penalised for ‘graduating’

CDB head acknowledges that countries appear to be penalised for ‘graduating’

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by Marlon Madden (Barbados Today) Barbados is getting the backing of the Caribbean Development Bank (CDB) in its call for a change in the method used by development finance institutions in determining whether a country qualifies for concessional finance.

President of the CDB Dr. Gene Leon said the current system was being used “to the detriment” of the region and other developing states, which are constantly faced with a range of challenges even when their wealth improves from time to time.

Currently, development finance institutions classify countries as either low, middle or high-income based on their gross national income, which forms the basis for the interest rate at which the countries borrow from those institutions.

Countries that are considered in the middle-income category, including Barbados and several other Caribbean Community member states, fall outside the criteria for receiving concessional finance and therefore borrow at a much higher rate.

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