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The International Monetary Fund has concluded its fifth and final review of Barbados’ Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF) programmes. The team, which visited Barbados from May 2 to May 8, was led by Michael Perks.
Following the mission, Perks issued a statement confirming that “all quantitative performance criteria and indicative targets for the fifth review of the EFF were met,” and noted that “programme performance remains strong.”
As relates to the RSF, the statement said that “The authorities have completed both reform measures for the fifth RSF review. Key elements to strengthen the integration of climate concerns into public financial management have been delivered, including the development of public investment project appraisal guidelines, deepening of fiscal risk analysis, and preparation of a PPP framework.”
As a result, the IMF and Barbados reached a staff-level agreement that, pending approval by the IMF’s executive board in June, will give Barbados access to approximately US $57 million in financing.
Read the full statement here.