• Today
    August 18

  • 06:37 PM

IMF pleased with progress in turning around Barbados economy


Added 12 February 2019


The International Monetary Fund (IMF) says Barbados continues to make “good progress” in its efforts to turn around an ailing economy supported by a multi-million dollar Extended Fund Facility (EEF).

An IMF delegation, led by Bert van Selm, has ended a four day visit to the island at the invitation of the Mia Mottley administration, discussing the implementation of Barbados’ Economic Recovery and Transformation (BERT) plan that is supported by the US$290 million EEF.

The Washington-based financial institution said in a statement Tuesday that a concluding meeting was held with Prime Minister Mottley in Washington on Monday.

“Barbados continues to make good progress in implementing its ambitious and comprehensive economic reform programme,” van Selm said in a statement.

“All indicative targets for end-December under the EFF have been met. The programme target for Net International Reserves was met by a wide margin, as was the target for the Central Bank of Barbados’ Net Domestic Assets (NDA). The target for the primary surplus for end-December 2018 was also met by a wide margin.”

He said good progress has been made in implementing structural benchmarks under the EFF and that two key pieces of legislation, namely the Public Financial Management Act, and the Town and Country Planning Act, were adopted in early 2019.

The IMF official said that preparation of the budget for the financial year 2019-20 targeting a primary surplus of six per cent of gross domestic product (GDP) is well underway.

“Full year effects of reforms set in motion during the current (2018/19) fiscal year, including the introduction of several new taxes and ongoing streamlining of public sector work force at state-owned enterprises, should help achieve this target. A detailed assessment of the budget will be made when it is finalised.

“Progress being made by the authorities in furthering good-faith discussions with external creditors is welcome. Continuing open dialogue and sharing of information will remain important in concluding an orderly debt restructuring process,” he added.

The head of the IMF delegation said that the team is looking forward to return to Barbados in May to conduct the discussions for the first review under the EFF. (CMC)


Dos and Donts

Welcome to our discussion forum here on nationnews.com. We encourage lively debate, but we also urge you to take note of the following:

  • Stay on topic – This helps keep the thread focused on the discussion at hand. If you would like to discuss another topic, look for a relevant article.
  • Be respectful – Meeting differences of opinion with civil discussion encourages multiple perspectives and a positive commenting environment.
  • Do not type in capitals – In addition to being considered “shouting” it is also difficult to read.
  • All comments will be moderated – Given the volume of comments each day, this may take some time. So please be patient.
  • We reserve the right to remove comments – Comments that we find to be abusive, spam, libellous, hateful, off-topic or harassing may be removed.
  • Reproduction of comments – Some of your comments may be reproduced on the website or in our daily newspapers. We will use the handle, not your email address.
  • Do not advertise – Please contact our Advertising Department.
  • Contact our Online Editor if you have questions or concerns.
  • Read our full Commenting Policy and Terms of Use.
comments powered by Disqus


Do you think that marijuana should be legalised only for medical and scientific purposes?