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Barbados is about to take on a “challenging” and “arduous” International Monetary Fund (IMF) programme, with a number of key conditions and targets to be met as early as December.
But while stressing the effort “involves significant risks due to the extensive nature of structural reforms needed and limited implementation capacity”, the IMF said Barbados had “no alternative route” to spur a sustained economic recovery.
It made the assertions in a series of documents associated with its US$290 million Extended Fund Facility support for the island. The release of the information, which was authorised by Government, followed the IMF’s Executive Board’s approval on October 1.
Based on a Memorandum of Economic and Financial Policies between Government and the IMF, Barbados has committed to capping Central Government grants and transfers to public institutions at $495 million by the end of December, and $732 million by end of March. The amounts are cumulative over the fiscal year. (SC)
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