IDB Loan To Support The Bahamas' Fiscal Efforts
by Mike Godfrey, Lowtax.net, Washington
26 November, 2014
The Inter-American Development Bank (IDB) has approved a USD33m loan for the Bahamas to support its fiscal consolidation efforts.
The Bahamas's tourism-dependent economy has been growing steadily in recent years, but its public finances have suffered since 2008, with growing fiscal deficits and debt levels, amid rising unemployment, the IDB said.
To face these challenges, the project aims to help the country rebalance its finances by modernizing its Public Financial Management framework to make better use of the jurisdiction's fiscal resources. The loan will be disbursed to the territory over five years.
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