Barbados appears close to securing $200 million in concessional funding from the World Bank after 27 years of being cut-off from such financing.
A Government official and the International Monetary Fund (IMF) confirmed that the budget support was now under consideration by the international financial institution and could be provided by the time the financial year ended next March 31.
This development emerged as the IMF concluded in its latest staff report that Barbados’ ability to repay its IMF loans was “adequate”.
Under the terms of its expanded Extended Fund Facility (EFF), Barbados is scheduled to borrow $928 million from the IMF, which also said that while short-term risks to debt sustainability had increased, this was “mitigated by Barbados’ strong track record under the EFF-supported programme”. (SC)
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