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The International Monetary Fund (IMF) has completed a four-day visit to Barbados during which it met with Government and Central Bank of Barbados officials to discuss the island’s progress in implementing its Barbados Economic Recovery and Transformation (BERT) programme.
Following its visit, the head of the IMF’s delegation, Bert van Selm issued a statement on the visit:
“Barbados has made an excellent start in implementing its ambitious and comprehensive economic reform program. The country’s international reserves, which reached a low of US$220 million (5-6 weeks of import coverage) at end-May 2018, have more than doubled since then, amounting to more than US$500 million in early December. This has helped to rebuild confidence in the country’s macroeconomic framework.”
He went on to say
“Barbados has also made good progress towards meeting end-December 2018 structural benchmarks under the EFF. In October, a regulatory sandbox for fintech start-ups was created to allow them to try out new technologies in a well-defined and controlled space. Legislation to facilitate a more efficient process for providing construction permits is underway, as is legislation to support a more efficient budget process, and stronger oversight of SOEs.”
Read the full statement here.