Barbados to Receive US$57 Million from IMF Amid Positive Economic Outlook
November 7, 2024
Barbados anticipates receiving an additional US$57 million from the IMF following positive economic and fiscal progress. Officials highlight successful reforms and sustained economic growth, projecting continued stability and growth.
Barbados is expected to secure another US$57 million from the International Monetary Fund (IMF) next month as its representatives and Government report a major turnaround in the country’s economic and fiscal performance.
Minister in the Ministry of Finance Ryan Straughn said the authorities, backed by successful reforms and a continued period of economic growth, “are now ensuring that Barbadians genuinely can own the recovery having gone through the last six years of significant challenge”.
IMF staff mission chief for Barbados, Michael Perks, said: “We’re very pleased to see that the Barbadian economy is continuing to grow strongly after multiple shocks of recent years [and] we expect this period of sustained, solid growth and moderated inflation to continue”.
The two officials were speaking during a press conference at Government Headquarters yesterday on the conclusion of weeklong talks which saw the completion of the fourth review of the IMF’s Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF) arrangements with Barbados. (SC)
