Central Bank of Barbados counting on inflows

THE CENTRAL Bank of Barbados is banking on inflows of $250 million to shore up the country’s net international reserves which declined in 2016. Governor of the Bank, Dr. Delisle Worrell reported yesterday that the reserves declined to $681 million at the end of December 31, 2016. He pointed out that the present state of the reserves meant they are equivalent to 10.3 weeks of imports.

 

However, in his 2016 Economic Review, Dr. Worrell said that inflows of $250 million were pending on December 2016.

 

According to him, the disbursement of $68 million in the Sam Lord’s Castle project was awaiting confirmation that all conditions had been met.

 

“Proceeds from the sale of the Barbados National Terminal Limited, an amount of $100 million, were awaiting approval by the Fair Trading Commission (FTC),” the Governor said.

 

He reported further that an amount of $30 million for the prefunding of scheduled projects was awaiting the approval of Parliament, as were a further $12 million for an education loan and $40 million from the sale of Government’s interest in the Four Seasons property.

 

The Governor said there was an estimated net inflow of foreign finance of $132 million which however was lower than that in 2015. He revealed, “inflows by private sector entities were $379 million, $90 million lower than in 2015. Foreign financing for the public sector was also lower because select project inflows did not materialize due to administrative delays.” (JB)