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The IMF Has Concluded its May Visit to Barbados

The International Monetary Fund (IMF) has concluded its May visit to Barbados. The team, which met with local officials from May 13-21, was led by Michael Perks.

At the end of the mission, Perks issued a statement saying:

“Barbados continues making good progress in implementing its home-grown BERT 2022 plan. All quantitative targets for end-March 2024 under the EFF [Extended Fund Facility] were met. The primary fiscal balance recorded a surplus of 3.7 percent of GDP in FY2023/24[1] [fiscal year 2023-2024], up from 2.5 percent of GDP in FY 2022/23 [fiscal year 2022-2023].”

Perk also confirmed that during the visit, the IMF and local authorities reached a staff level agreement, which, upon approval by the IMF Board, will give Barbados access to approximately US $19 million under the EFF and US $37 million under the Resilience and Sustainability Facility (RSF).

Read the full statement here.


[1] Barbados’ fiscal year runs from the beginning of April of one year to the end of March of the following year.