Posted on

Barbados receives IMF boost


Kendy

Barbados receives IMF boost
Minister in the Ministry of Economic Affairs and Investment Marsha Caddle speaking in the House of Assembly yesterday. (GP)

Social Share

Barbados has received about $261.6 million from the International Monetary Fund (IMF) as that institution further helps member countries battle the COVID-19 pandemic.

Minister in the Ministry of Economic Affairs and Investment Marsha Caddle said the funding, which she stressed was not a loan, was Barbados’ share of a $1.3 trillion new allocation of Special Drawing Rights (SDRs) issued by the IMF.

The SDR (Special Drawing Rights) is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves.

Caddle, speaking in the House of Assembly yesterday during debate on a $50 million supplementary for the National Insurance Scheme’s Unemployment Benefit Fund, said the new IMF money was a boost for Barbados’ international reserves, which now exceed $2.6 billion. (SC)

 

Subscribe now to our eNATION edition for the full story.

For the latest stories and breaking news updates download the Nationnews apps for iOS and Android.