Thorne questions MOU with EXIM Bank

Opposition Leader Ralph Thorne has raised concerns about the US$500 million Memorandum of Understanding (MOU) signed between Barbados and the US Export-Import Bank (EXIM Bank). 

The agreement, inked on Monday, facilitates financing for projects in renewable energy, cybersecurity, water and sanitation, and maritime domain awareness. 

While the government has touted it as a step forward for economic growth, Thorne has raised concerns about the sustainability of the country’s debt strategy.

Speaking in Parliament on Tuesday, he criticised the MOU, suggesting it highlights the nation’s increasing dependence on external financing.

“Barbadians went to bed last night and woke up this morning hearing that this country is now further indebted, except that the [government] considers it a moment of rejoicing,” he said. 

Further questioning the country’s economic direction, he added, “My own view is that Barbados now seems to be defined, not by its capacity to produce, but by its ability to attract lenders. I don’t know if our pride now lies in our ability to attract lenders.

“Barbadians may legitimately ask the question, where is our industry? And where is the industry that will repay all of these loans?” Thorne asked, urging the government to focus on fostering economic productivity and self-reliance. (SM)