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The International Monetary Fund has concluded its February visit to Barbados. The team, which met with local officials from February 25-28 to analyse Barbados’ recent economic performance and in preparation for the fifth and final review of the Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF) programmes, was led by Michael Perks.
At the end of the mission, Perks issued a statement in which he confirmed that the island was making strong progress with its economic reform programme, noting that “targets for end-December 2024 under the EFF were met. Fiscal performance remains strong, with the primary balance reaching 5.3 percent of GDP through December, leaving the authorities on track to meet the 3.8 percent of GDP fiscal target for FY2024/25.”
He further stated that “structural reform efforts continue to advance, supported by IMF technical assistance, including actions to strengthen customs administration, the framework for public-private partnerships, and the Central Bank of Barbados’ liquidity forecasting. The authorities are also making progress with the implementation of the RSF reform measures for the last review.”
Read the full statement here.