Guyana’s Finance Minister urges CDB to scale up lending activity to member countries

(CARICOM News Network) Guyana’s Finance Minister Dr. Ashni Singh has stressed the importance of the Caribbean Development Bank reversing recent downgrades to its credit rating, as he assumes the chair of the Board of Governors of the Bank over the next year. Addressing the closing ceremony of the Bank’s 43rd annual meetings just concluded in St. Lucia, the Minister said “the Bank must ensure a restoration of its credit rating and continue to guard jealously its credibility amongst the lending and rating community. Specifically, the removal of the negative outlook, at the very least, should be a specific target for this year, while we still aim at a return to the higher rating of recent times.” Minister Singh commended the Bank for its contributions to the cause of Caribbean development and to improving the lives of the Caribbean people since its earliest years of existence. To sustain and increase the impact of this historical contribution over the years, he called on the Bank to work to increase the rate of loan approvals and disbursements for borrowing member countries in the year ahead.