Barbados is about to end seven years of economic reform under the International Monetary Fund’s (IMF) watch.
With a final US$57 million in funding expected to available to Government next month following the IMF’s executive board’s approval, Prime Minister Mia Amor Mottley said today that the arrangements with the international financial institution were a success.
She was speaking during a press conference at Ilaro Court where IMF Barbados team leader Michael Perks reported staff level agreement with Government under the fifth and final review of the Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF) arrangements started in 2022.
This was the second successive IMF programme Barbados entered, the first one started in 2018.
“I feel happy, proud and humbled, because many a country would not have allowed a government to walk this road and to make the difficult decisions,” Mottley said.
“And I pray that Bajans will reflect on it and not take things for granted, because sacrifices were made by many for us to reach this point and today, we stand stronger on so many other fronts than almost two thirds of the countries of the world.”
Perks said Barbados met all of its targets under the EFF and RSF and that “programme performance remains strong”.
“Real GDP is projected to grow by 2.7 percent in 2025, sustained by construction related to tourism projects and public investment,” he noted.
“Nevertheless, the economic outlook is subject to significant downside risks, given heightened global uncertainty and Barbados’ vulnerability to external shocks and natural disasters.” (SC)