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The IMF Executive Board Approves Additional Financing for Barbados

Following its second review of Barbados’ Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF) arrangements, the International Monetary Fund’s (IMF) Executive Board has approved Government’s drawdown of approximately US $76 million ($19 million under the EFF and $57 million under the RSF). The approval confirms the staff level agreement reached following the IMF’s November visit to the island.

Upon approving the additional funding, Bo Li, Deputy Managing Director and Acting Chair of the Executive Board, issued a statement, saying:

“After successfully weathering a series of shocks in recent years, the Barbadian economy has recovered strongly amid a rebound in tourism. The fiscal balance has strengthened, the public debt-to-GDP ratio is declining, and international reserves have risen. Inflation is moderating driven by lower fuel prices and freight costs, and unemployment has fallen.

“The authorities’ focus on reducing debt through higher primary surpluses while maintaining adequate social and capital expenditure is appropriate. The revenues arising from the corporate income tax reform are expected to be used to increase public investment, including on climate resiliency.”

The statement noted that the Executive Committee “welcomed the authorities’ efforts to unlock Barbados’ growth potential, including by enhancing the business environment, investing in skills and education, and promoting digitalization,” and commended the island’s commitment to building climate resilience.

The Committee was also pleased by Barbados’ efforts to enhance financial supervision, and encouraged it to continue to strengthen its AML/CFT framework, noting that it “looked forward to Barbados’ timely exit from the FATF grey list.”

Read the full statement here.