IDB representative Iwan Sewberath Misser told reporters Monday the money is part of a wider package of policy financing worth $1.3 billion for the Ministry of Finance for budget support.
He said this is separate from a proposed $8.2 billion in financial support which is expected to come on stream next year after final approval by the IDB board.
The IDB representative also expressed confidence in the management of the economy under Minister of Finance Winston Dookeran, noting that approval of the loans is evidence that the bank has confidence in the macro-economic management of the country.
“We will never approve a single dime if the IDB does not have confidence in the way Minister Dookeran manages the economy,” Misser said. “We carefully study all risks and in this particular case, we are confident. The IDB is very confident with Mr Dookeran’s approach and the way he is managing the economy.”
IDB chief of operations Gabriel Castillo said the approvals of these loans are unprecedented and represent above-average funding on the part of the IDB.
The IDB board also approved a $252 million loan last week for the Ministry of Housing for the ministry's $315 million neighbourhood upgrading programme. The state with provide the rest of the money for that project, which includes home improvements, new homes and squatter regularisation.
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