Barbados will receive IDB financing to modernize statistical services

The Government of Barbados will receive a US$5 million loan from the Inter-American Development Bank to modernize its statistical services.

“The program will help the government provide relevant, timely and quality economic and social statistics,” said IDB project team leader Joel Korn.

The Ministry of Finance, Economic Affairs and Energy will carry out this program through the Barbados Statistical Service.

The program will strengthen the legal framework and will establish a statistics network including governmental agencies which produce relevant public data. It will improve managerial and administrative procedures, help develop priority statistical products, provide training to those involved in statistics production, and enhance the technical infrastructure to facilitate public access to information.

A focus of the IDB strategy agreed with the Government of Barbados concentrates on targeted operations aimed at strengthening capacity in areas such as customs and tax administration, standards, procurement and statistical services.

The IDB loan is for a 20-year term, with a 4-year grace period, at a Libor-based variable rate. Local counterpart funding will total US$1.25 million.