Caribbean states need urgent help to reduce debt overhang – CDB President
President of the Caribbean Development Bank (CDB), Dr. Warren Smith, is urging the large international financial institutions (IFIs) to work creatively with the small, vulnerable countries of the Caribbean to significantly reduce their huge debt overhang as quickly as possible.
Very large debt over-hangs represent a drag on economic growth. High debt and economic growth are not very good bed fellows. Failure to tackle this problem in a substantive way, fairly early in the adjustment process, is likely to heighten the risk of premature abandonment of the adjustment programme. The slow burner approach to whittling down large debt over-hang is froth with danger and cries out for an early solution, Dr. Smith emphasised.
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