Use the latest browser recommended by Microsoft
Get speed, security and privacy with Microsoft Edge
The International Monetary Fund’s (IMF) Executive Board has approved an additional USD $56 million in funding for Barbados – USD $19 million under the Extended Fund Facility (EFF) and USD $37 million under the Resilience and Sustainability Facility (RSF). This follows the conclusion of the Board’s fourth review of the island’s performance under both programmes.
In a press release announcing the new financing, the IMF confirmed that Barbados had met all of its quantitative targets and structural benchmarks, noting that “the authorities comfortably met the primary fiscal surplus target for the first half of FY2024/25 and are on course to meet the end-year target of 3.8 percent of revised GDP. Public debt declined to around 105 percent of GDP at end-September 2024 and the authorities remain committed to meeting the debt target of 60 percent of GDP by 2035/36.”
Bo Li, Deputy Managing Director and Acting Chair of the Executive Board stated:
“Important progress is being made on fiscal reforms, including to strengthen revenue administration, improve public financial management, and enhance public investment and procurement. These measures are critical to preserve fiscal sustainability and create space for public investment. Efforts are also ongoing to achieve more inclusive and sustainable growth, with a focus on strengthening the business environment, mobilizing domestic savings, and investing in skills and education.”
Read the full statement here.