Sat | Jan 28, 2023

IMF approves funds for Barbados

Published:Thursday | December 8, 2022 | 8:41 AM
It said despite a series of global and regional economic shocks, Barbados continues its strong implementation of its ambitious economic reform programme aimed at restoring fiscal sustainability, increasing reserves, and unlocking growth potential. - File photo

WASHINGTON, CMC – The International Monetary Fund (IMF) on Wednesday approved US$113 million under a 36-month Extended Fund Facility (EFF) programme for Barbados.

It also approved a US$189 million Resilient and Sustainability Fund (RSF) to maintain and strengthen macroeconomic stability, support the structural reform agenda, and increase resilience to climate change.

The Washington-based financial institution said that the new programme will build on the achievements of Barbados' 2018-22 EFF and draw on the authorities' updated economic reform programme, including on efforts focusing on building resilience to natural disasters and climate change as well as reducing greenhouse gas emissions and transition risks.

It said despite a series of global and regional economic shocks, Barbados continues its strong implementation of its ambitious economic reform programme aimed at restoring fiscal sustainability, increasing reserves, and unlocking growth potential.

“Economic activity in Barbados is starting to recover from the COVID-19 pandemic but risks to the outlook remain elevated, with higher global commodity prices pushing up inflation,” the IMF executive board said in announcing the programme of assistance.

IMF Deputy Managing Director and Acting Chair of the Board, Kenji Okamura, said “Barbados continues to make good progress in implementing its homegrown Economic Recovery and Transformation Plan, despite a very challenging global economic environment.

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