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The International Monetary Fund (IMF) has completed its fourth review of Barbados’ Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF) arrangements. In a statement issued at the end of the visit, which was held in Barbados from October 31 to November 6, team leader Michael Perks confirmed that Barbados had met all its quantitative performance criteria and indicative targets, saying:
“The Barbadian authorities continue to advance structural reforms, supported by technical assistance from the Fund and development partners. Key structural benchmarks were met, including measures to strengthen tax and customs administration, improve public financial management, and enhance public investment and procurement. Efforts envisaged in the BERT plan to strengthen growth and the business environment are also progressing.”
He added that “the government is making good progress with its ambitious climate-policy agenda, supported by the RSF arrangement. A new Electricity Supply Bill has been tabled in Parliament, with the aim of enhancing competition in the electricity market and encouraging local participation in renewable energy investment.”
As a result, subject to approval from the IMF’s Executive Board, Barbados will receive a further disbursement of approximately US $19 million under the EFF arrangement and approximately US $38 million under the RSF arrangement.
Read the full statement here.