The Barbados government has announced that is has retained the services of Cleary Gottlieb Steen & Hamilton LLP, as external legal advisor, in the context of the planned debt restructuring for the Barbados economy that was announced on June 1st.
The announcement follows the news that the team from the International Monetary Fund, led by Bert Van Selm, has concluded its three-day visit to Barbados.
During this visit, the fund team was updated on the economic and financial situation in Barbados.
Preliminary discussions were also held on the key challenges faced by the government, including the country's very low level of international reserves, its unsustainable debt, and the need to develop an economic plan designed to address current imbalances and create the conditions for sustained broad-based growth.
The government and the IMF will continue to exchange views over the coming weeks, and expect to be able to commence detailed discussions regarding Barbados's economic reform programme, in the coming weeks - a programme that the IMF will be asked to support with financial assistance