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IMF board gives blessing

Shawn Cumberbatch

IMF board gives blessing
Flashback: Prime Minister Mia Amor Mottley making a point yesterday to Deputy Managing Director of the International Monetary Fund, Tao Zhang (third right) and other officials during last November’s IMF review. (BGIS)

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The International Monetary Fund (IMF) believes it is “appropriate” for Government to continue borrowing given its worse-than-anticipated revenue losses and the need to support spending on public health and social protection.

The IMF executive board yesterday concluded the fifth review under the IMF’s Extended Arrangement under the Extended Fund Facility for Barbados, clearing the way for the additional funds to be disbursed.

The four-year arrangement permits Government to access about $928 million over the period.

Deputy managing director and acting chair Tao Zhang and other executive board members agreed with last month’s staff recommendation to loan Barbados another $48 million.

Once the additional funds are deposited at the Central Bank, it will mean Government has received $830 million from the IMF since October 2018. (SC)

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