It is not well known that some years ago the IDB actually cancelled loans that had been approved for Barbados’ social and environmental infrastructure, because government failed to get the target projects underway, many years after the funding had been approved. This capacity for swift and efficient implementation of projects, while observing established procedures for accountability and disclosure, needs to be established and strengthened.
It is not an overnight process, it is not easy to do, and it will not generate flashy headlines, but it is what really matters. Barbados’ institutional arrangements for making public policy are also a major strength of the economy, that enable the country to cope with the impact of the economic crisis, and to react in a level headed fashion.