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Caricom to use China's US$3 billion for debt restructuring

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Friday, 23 January 2015

Caricom to use China's US$3 billion for debt restructuring

The 15-nation Caribbean Community (Caricom) hopes to access  US$3 billion being offered that China is offering the region to help restructure its debt. Currently, the classification of many countries as Middle Income makes it increasingly difficult for Caricom states to access and pay back cash on concessionary terms. While the criterion is based on GDP per capita income, Prime Minister of the Bahamas Rt. Hon. Perry G. Christie said that CARICOM is pushing to eliminate this practice, as it does not adequately reflect the disparities and differences in development with the various islands. The Prime Minister Christie made the announcement during his remarks at the first ministerial meeting of the CELAC-CHINA (Community of Latin American and Caribbean States) Forum in Beijing China on 8th January. The Bahamas will host the Intercessional Meeting of the Heads of Government of CARICOM on 26th and 27th February.

Source: caribnewsdesk.com