Prime Minister Dr. Ralph Gonsalves has vowed to “fight” the World Bank over an increase in interest rate.
The World Bank’s International Development Association (IDA) has recently proposed that Caribbean countries pay higher interest rates on loans.
Prime Minister Gonsalves, while speaking on NBC Radio, said that he will write to the leader of every country of the world.
The World Bank, based in Washington DC, is a lending institution, which St. Vincent and Grenadines and other states secure loans under.
The Prime Minister said this increase international agency’s doubling of its interest rate would negatively affect this SVG’s sustainable development.
Neighboring countries such as Dominica, Grenada and St Lucia, will also be affected by the change.
