Barbados government wins support of creditors for debt restructuring plan

Prime Minister Mia Amor Mottley addressing the opening ceremony of the 65th Meeting of the Organisation of the Eastern Caribbean States’ (OECS) Authority in St. Lucia.

The island’s main creditors have given the green light to the Government’s debt restructuring plan.

There were initial reports that some creditors had rejected the offer made on September 19, which sought to exchange existing Government paper, for new debt instruments.

The plan proposes a cut to interest rates and longer terms to maturity.

The development comes ahead of a planned address to the nation by Prime Minister Mia Mottley on Sunday at 5 p.m. She is expected to provide a wide ranging update on measures to resuscitate the ailing Barbados economy.

Last month, Central Bank Governor Cleviston…

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