IMF: Plan on track

Article by Sanka Price

Barbados continues to make good progress in implementing its ambitious and comprehensive economic reform programme, says a team from the International Monetary Fund (IMF) at the conclusion of a four-day visit yesterday.

The visit was to discuss implementation of Barbados’ Economic Recovery and Transformation (BERT) plan, supported by the IMF under the Extended Fund Facility (EFF).

In a statement yesterday, team leader Bert van Selm outlined their findings.

“Barbados continues to make good progress in implementing its ambitious and comprehensive economic reform programme. All indicative targets for end-June under the EFF have been met,” he said.

“The target for the Government’s primary surplus was met with a wide margin, with the Government running a primary surplus of two and a half per cent of (annual) GDP in the first quarter of financial year (FY) 2019/20.

“This bodes well for achieving the Government’s primary surplus target of six per cent of GDP for FY2019/20. International reserves were also well over programme targets at end-June.

“Good progress has been made in implementing end-June and July 2019 structural benchmarks under the EFF.

“The authorities have completed a review of the tax system and the Governor General has proclaimed the recently enacted Financial Management and Audit Act.(SP/PR)

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