||Central Bank Of Barbados
The International Monetary Fund (IMF) has completed a four-day visit to Barbados. The IMF team, which was in the island from February 4-7, was headed by Bert van Selm.
At the end of the visit, van Selm issued a statement saying:
“Barbados continues to make good progress in implementing its economic reform program. International reserves reached US$740 million at the end of 2019, from a low of US$220 million in May 2018. The completion of the external debt restructuring in December 2019 has reduced economic uncertainty, and the agreed terms with creditors will help to keep public debt on a clear downward trajectory.”
Van Selm confirmed that “all indicative targets for end-December under the EFF (Enhanced Fund Facility) have been met” and noted that the island is on track to meet its target of achieving a six percent primary surplus for fiscal year 2019/20 (April 1, 2019 to March 31, 2020).
In his statement, van Selm also commented on ongoing efforts:
“Good progress also continues to be made towards implementing the structural benchmarks under the EFF. A revised Central Bank of Barbados (CBB) law is expected to be ready to be sent to Parliament shortly. Preparation of the budget for FY2020/21 targeting a primary surplus of 6 percent of GDP is well underway.”
Read the full statement here.