Mottley cites support for debtrestructuring plan
BARBADOS PRIME Minister Mia Mottley confirmed yesterday that 99 per cent of the island’s creditors had agreed to back a debtrestructuring exercise proposed by her government.
“I am happy to report that in respect to that debt exchange, which involved 115 per cent of our national income or the equivalent of $1.9 billion in domestic debt and arrears, that we have had the extraordinary performance of 99 per cent of those who tendered voting yes for the domestic debt exchange,” a Barbados Today report quoted Mottley as saying during an aired address.
“And I am told that 99 per cent of those who tendered represents more than 90 per cent of those eligible to vote.”
The plan, which had seen creditors expressing reservations last week, proposed a haircut to interest rates and longer terms to maturity.
“I thank you on behalf of this country for that vote of confidence in our future,”Mottley said.
She added that the approval paved the way for Government to address the concerns of the island’s pensioners, scores of whom have publicly complained that they were relying on their investments for retirement income and would now be forced to live on reduced incomes.
“And I will provide the specifics on those as soon as we can because we understand the nervousness that many still have,” Mottley said.