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The International Monetary Fund (IMF) has completed its August meetings with Barbados’ economic team.
After wrapping up the discussions, which were held via videoconference due to the COVID-19 pandemic, IMF team leader Bert Van Selm issued a statement that acknowledged the severe economic impact the pandemic has had on Barbados’ economy, while confirming that the island remains on track with its Extended Fund Facility (EFF) programme:
“In this very challenging environment, Barbados continues to make good progress in implementing its ambitious and comprehensive economic reform program, while expanding critical investments in social protection… All indicative targets for end-June under the EFF were met.”
He also commented on Government’s efforts to complete the prescribed structural reforms:
“Good progress also continues to be made towards implementing structural reform under the EFF. The two structural benchmarks for end-June 2020, related to tax and customs administration, were both met. A revised central bank law is expected to be ready to be sent to Parliament in September.”
Van Selm revealed that the fourth review of Barbados’ EFF programme with the IMF will take place in October.
Read the full statement here.