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The IMF Executive Board Approves USD $56 Million in Funding for Barbados

The International Monetary Fund’s (IMF) Executive Board has approved an additional USD $56 million in funding for Barbados – USD $19 million under the Extended Fund Facility (EFF) and USD $37 million under the Resilience and Sustainability Facility (RSF). This follows the conclusion of the Board’s third review of the island’s performance under both programmes.

In a press release announcing the new financing, the IMF pointed to improvements in key macroeconomic indicators during 2023, including slowing inflation, a narrowing current account deficit, ample international reserves, and a declining debt-to-GDP ratio, which fell to pre-pandemic levels. 

The release also noted that “all quantitative performance criteria and indicative targets for the third review of the EFF were met. The authorities exceeded the primary surplus target for FY [fiscal year] 2023/24 and are targeting 4 percent of GDP for FY 2024/25… The two RSF reform measures set for the third review were also implemented, supporting the government’s ambitious climate-policy agenda.”

Read the full press release here.