Senior economic advisor to the Barbados government, Dr. Kevin Greenidge, says the recent ratings of the island by the US-based Standard and Poor’s (S&P) indicates that Barbados “is back” after years of economic downturn.
S&P raised Barbados long and short-term foreign currency ratings to ‘B-/B’ from ‘SD/SD’ and assigned its ‘B-‘foreign currency issue rating to foreign currency debt delivered in the exchange.
Speaking last evening on CBC TV8 Mr. Greenidge stressed that the six notch upgrade was quite an achievement for Barbados in such a short time frame, as the Barbados Economic Recovery and Transformation (BERT) Programme was only just a year old.
Mr. Greenidge explained that with the upgrades although the country is still not out of the woods Barbados should become more attractive for investors.
He is optimistic about a recent IMF visit to the island which according to him should soon see a further 100 million dollars being dispersed to the Barbados government.