The Inter-American Development Bank, IDB says it’s exploring measures through which regional territories with which it has funding agreements can be assisted to improve debt management.
The IDB’s Caribbean Country Group General Manager, Therese Turner Jones made the announcement while speaking at the official opening of the Inaugural Caribbean Debt Summit at Secret Resorts in Montego Bay on Tuesday.
Mrs. Turner Jones says one consideration is the inclusion of a disaster clause in agreements for countries impacted by natural disasters such as hurricanes.
She explained that this option would facilitate debt relief during the affected countries’ recovery process.
She says this would allow for recapitalisation of the interest, over time, on the loan to make it easier for a recently affected country, like The Bahamas, for example, over the next few years, as it tries to allow some relief on the debt that they would owe.