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The IMF Executive Board Approves USD$38 Million in Financing for Barbados

The International Monetary Fund’s (IMF) Executive Board has completed its first review of Barbados’ current Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF) arrangements. Following the review, the Board approved the staff-level agreement reached in May to make approximately USD $38 million – USD $19 million under the EFF and USD $19 million under the RSF – in financing available to the Barbados Government. 

In a statement, Gita Gopinath, First Deputy Managing Director and Acting Chair of the Board, noted that “following a series of shocks in recent years, the Barbadian economy has recovered strongly amid a rebound in tourism.” She went on to say that “while inflation has increased with the rise in global food and fuel prices, it is projected to moderate in the coming months.”

Commenting on Barbados’ financial position, Gopinath reported that “fiscal performance has significantly improved, public debt is on a downward trajectory, and reserves have risen. The focus on reducing debt through higher primary surpluses, while maintaining adequate social and capital expenditure is appropriate. 

“Important progress is being made on the structural reform agenda, including to strengthen the duty and tax exemptions framework, enhance tax compliance and risk management, and unlock the economy’s growth potential. Continued progress on state-owned enterprise and pension reforms is important. The newly created Fiscal and Growth Councils are critical to help monitor the implementation of the authorities’ fiscal strategy and support the growth agenda.”

Read the full statement here.