The International Monetary Fund today announced that Barbados is to get an additional $23 million US.
This follows completion of what the agency’s executive board says is the seventh and last review under the Extended Fund Facility with Barbados.
A statement posted on the IMF website says Barbados continues to make good progress in implementing what the agency calls an ambitious economic reform program.
The IMF notes that economic activity in Barbados is starting to recover but warns that risks to the outlook remain elevated, with higher global commodity prices pushing up inflation.
According to the IMF statement completion of this final review allows Barbados to draw about $23 million US bringing total disbursements under the IMF program to about $435 million US, that’s $870 million in Barbados currency.
The IMF states that program performance has been strong despite significant economic shocks associated with the COVID-19 pandemic, natural disasters, and the war in Ukraine .
The IMF says that over the four-year program, the Barbados authorities have steadily moved ahead with their economic reform agenda including reforming state-owned enterprises and the customs department.
The agency states that Barbados’ international reserves, which reached a low of $220 million US or five to six weeks of import coverage in May 2018, are now at a comfortable level of 1.5 billion US.