- Gonsalves vows to fight the World Bank over debt repayment and a higher interest rate.
St Vincent Prime Minister Ralph Gonsalves intends to lead a campaign against the World Bank. Gonsalves says he would oppose the loan agency’s newest request to shorten repayment periods and increase interest rates for SVG and other Caribbean countries.
Gonsalves told state radio on Wednesday that the World Bank wants to go in the opposite way, and he intends to fight them from the UN podium.
”You know, we get a lot of money and borrow a lot of money from the World Bank. The International Development Association, cheap money for forty years with ten years of grace, 1% below, one and a half, 2%”.
”Because we are doing so well, they say, referring to countries like us, Dominica, Grenada, and Saint Lucia. They want to reduce the generosity of the terms of these loans. They want to cut it down from 50 years to between 30 and 35. And they want to increase the rate of interest from 3.3% to 6.8%.”
Gonsalves to lead the fight
“I’m going to fight them. Does the World Bank want to go in the opposite direction? They have to be fought. I’m going to write every single leader in the world about this. I’m going to write the secretary general of the United Nations. I’m going to lead a campaign from the podium of the United Nations about this absurdity.”
Gonsalves expressed his intention to provide further updates on this issue and anticipates the participation of other leaders in the ongoing struggle.
