JudicialLocal News Thorne questions MOU with EXIM Bank by Shanna Moore 27/11/2024 written by Shanna Moore Updated by Barbados Today 27/11/2024 1 min read A+A- Reset Opposition Leader Ralph Thorne. Share FacebookTwitterLinkedinWhatsappEmail 1.5K 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. You Might Be Interested In New judges appointed Unnatural death probe underway Community mediation launched in bid to avoid courts “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) Shanna Moore You may also like ‘Wiretap’ law, lie detector testing in national security laws overhaul 13/06/2025 PM calls for national dialogue on youth social issues 13/06/2025 Unions demand systemic change after repeated assaults at Frederick Smith Secondary 13/06/2025