The announcement by the International Development Association (IDA) of the World Bank to shorten the repayment time period on loans and increase interest rates by the next cycle in 2025 has been met with criticism by Prime Minister Dr. Ralph Gonsalves.
Speaking on radio yesterday, the Prime Minister explains that IDA provides financing for countries with a long repayment time on loans and relatively low interest rates.
The Prime Minister explains however, that even with the changes, IDA still offers lower interest rates and a longer amortization period than commercial rates.
Prime Minister Gonsalves says that he has made it clear that what IDA is attempting to do is pit the most vulnerable countries against the poorest countries.
