Barbados has passed its latest International Monetary Fund (IMF) test with flying colours, in the process impressing the directors of the fund, and opening up for itself access to almost $100 million from the Washington-based institution.
However, it was the comment of the directors of the IMF as they reviewed the progress on the island’s Barbados Economic Recovery and Transformation (BERT) programme that was most heartening.
According to the directors, in spite of its limited technical capacity, Barbados has made impressive progress towards achieving fiscal and debt sustainability, rebuilding reserves, reducing uncertainty towards generating growth.
This development was explained by Dr. Kevin Greenidge, Government’s economic advisor on loan from the IMF, who noted that today the Executive Board of the IMF completed the second review of our BERT programme which is supported by an IMF Extended Fund Facility (EFF).
The completion of this review allows us to draw the equivalent of SDR 35 million (about US$98 million).
“This passing of the second review reflects Barbados meeting all its targets under the BERT programme and in some instances, with a wide margin. There were lots of praise from the Directors at the Board….
“Of course, there is significant work to be done, and we remain resolved to stay the course and continue meeting our commitments under the EFF.
“Passing yet another IMF review, completing the debt restructuring and having our credit ratings upgraded are all sending an important message to the world – that Barbados is back; we are serious about our reforms and about transforming the economy,” Dr. Greenidge said.
Press Secretary to the Prime Minister