Barbados to Receive US$56M from IMF as Economic Reform Programme Earns Passing Grade
May 22, 2024
Barbados' economic reform program receives positive assessment from IMF staff, with expectations of receiving US$56 million next month. Progress noted in implementing BERT 2022 plan. IMF Executive Board to review.
Government is expected to receive a further US$56 million (BDS$112 million) from the International Monetary Fund (IMF) next month as Barbados’ economic reform programme gets another passing grade from the institution’s staff.
An IMF staff team ended a visit to the island yesterday and leader Michael Perks said there were staff level agreements with Barbados on the third reviews of the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF) Arrangement.
The IMF’s Executive Board is now expected to consider both reviews next month, which would pave the way for Government to receive about US$19 million (BDS$38 million) under the EFF arrangement and about US$37 million (BDS$74 million) via the RSF arrangement.
IMF officials said they were here from May 13 to 21 “at the request of the Government . . . to discuss the implementation of Barbados’ Economic Recovery and Transformation (BERT 2022) plan, supported by the IMF under the EFF, and the implementation of reform measures under the RSF arrangement”.
Perks said Barbados “continues making good progress in implementing its homegrown BERT 2022 plan [and] all quantitative targets for end-March 2024 under the EFF were met. (SC)
