Senator: Talks with external creditors must continue

In order to avoid any future litigation that could possibly present itself based on the fact that conversations with external creditors have reached a stalemate, one Opposition member is urging the Government to keep these talks ongoing.

Opposition member, Senator Crystal Drakes, made this comment during a press conference which took place at the Opposition Headquarters
yesterday afternoon.

Drakes revealed that to date, the negotiations with external creditors have not been completed, adding that for whatever reason they are not being told why these negotiations have been in a stalemate.

She highlighted that many of the external creditors have noted their dissatisfaction with not only the terms of the restructuring of the debt, but also the compensation that has been awarded to debt advisors White Oak.

“What we have to think about when we talk about the international credit negotiations is that if all parties are not satisfied, we run the risk of [facing] a litigation going forward which is something that has happened in the past. Research shows that some creditors have tried to settle outside of court for very large, profitable sums of money. If that is the case, that has a direct implication on Barbados’ performance on the IMF programme going forward,” she said.

“And I’m not saying this is the case, but that is a very plausible situation given the historical trend."

(CLF)