The IMF Has Concluded its September Visit to Barbados

The International Monetary Fund (IMF) has completed a four-day visit to Barbados. The IMF team, which was in the island from September 3-6, was headed by Bert van Selm.

At the end of the visit, van Selm issued a statement saying:

“Barbados continues to make good progress in implementing its ambitious and comprehensive economic reform program.

“All indicative targets for end-June under the EFF have been met. The target for the government’s primary surplus was met with a wide margin, with the government running a primary surplus of 2½ percent of (annual) GDP in the first quarter of FY2019/20. This bodes well for achieving the government’s primary surplus target of 6 percent of GDP for FY2019/20. International reserves were also well over program targets at end-June.”

On Government’s ongoing negotiations with Barbados’ external creditors, he noted:

“Progress being made by the authorities in furthering good-faith discussions with external creditors is welcome. Continuing open dialogue and sharing of information will remain important in concluding an orderly debt restructuring process.”

The IMF will next visit Barbados in November.

Read the full statement here.