Barbados won access to an additional $24 million from the International Monetary Fund (IMF) to continue four-years of economic reforms, the IMF Executive Board said on Thursday
WASHINGTON (Pakistan Point News / Sputnik - 16th December, 2021) Barbados won access to an additional $24 million from the International Monetary Fund (IMF) to continue four-years of economic reforms, the IMF Executive board said on Thursday.
"Despite the challenges posed for the economy by the pandemic and a series of natural disasters, Barbados has been steadily moving ahead with the implementation of the comprehensive Economic Recovery and Transformation (BERT) plan aimed at restoring fiscal sustainability, and increasing reserves, and unlocking growth potential through structural reforms," the IMF said in a press release.
A four-year agreement with the IMF, which was approved in October 2018, authorized loans totaling $465 million to support the reform effort in Barbados, the release said.
Thursday's decision will bring to $425 million the total disbursements thus far, the release added.
The release credited Barbados with strong implementation of reforms amid setbacks to tourism - a main driver of the Caribbean nation's economy - due to the coronavirus pandemic measures, volcanic ashfalls from neighboring St. Vincent in April and Category 1 hurricane Elsa in July.
