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The International Monetary Fund (IMF) has completed its fourth review of the Barbados Economic Recovery and Transformation (BERT) programme.
In a statement issued at the end of the review, IMF team leader, Bert van Selm issued a statement acknowledging the impact of the COVID-19 pandemic on Barbados’ economy and revealing that the primary balance target has been relaxed and that the island could receive more funding under the Extended Fund Facility (EFF) programme:
“In response to the pandemic, the Government of Barbados is now targeting a primary balance of minus 1 percent of GDP for FY2020/21 (compared to a surplus of 6 percent of GDP envisaged prior to the pandemic, and a surplus of 1 percent of GDP at the time of the third EFF review). The lowered primary balance target accommodates the loss of government revenues stemming from the pandemic and facilitates emergency outlays on health facilities, medical supplies, and income support to the most vulnerable. Staff supports this easing of the fiscal stance and, subject to approval by the IMF Executive Board, proposes an augmentation of the Extended Fund Facility in the amount of SDR 48 million (51 percent of quota, about US$66 million) to help finance the emerging fiscal deficit, bringing total access under the program to SDR 322 million or 341 percent of quota.”
Read the full statement here.