Barbados: At a Glance
- Current IMF membership: 190 countries
- Barbados joined the Fund on December 29, 1970
- Quota: SDR 94.5 million (0.02 percent of total)
- Number of arrangements since membership: 3
- Outstanding Purchases and Loans (SDR): 206 million (September 24, 2020)
- Latest Article IV/Country Report: December 18, 2019
- Current IMF arrangement: Latest Report: June 8, 2020
Vacancy Announcement
The International Monetary Fund (IMF) Resident Representative Office for Barbados is seeking to hire an Economist / Economic Analyst (distinction will depend on relevant experience) to support the work of the Office. Read more about the announcement here.Office Activities
What we do
The IMF office in Barbados is a central point of contact between with the IMF and the Government of Barbados with a primary focus to support the implementation of Barbados’ Economic Reform and Transformation (BERT) priorities set forth in the Fund’s Extended Arrangement under the Extended Fund Facility (EFF) for Barbados. In that capacity, the office follows economic developments and policies in Barbados, liaises between the Barbadian authorities and IMF staff in Washington, and coordinates IMF technical assistance. It is also a source of information about IMF views for the public, local and foreign analysts, investors, academic and research institutions, and Barbados’ international partners and their diplomatic missions.
Who we are
The office in Barbados was opened in 2019 with Mr. Christopher Faircloth as the inaugural Resident Representative.
IMF's Work on Barbados
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November 13, 2023
Barbados continues to advance the implementation of its comprehensive economic reform program. The authorities are implementing their updated Economic Recovery and Transformation plan (BERT 2022) and an ambitious climate policy agenda. Barbados has weathered the COVID-19 pandemic and other recent shocks well and has preserved macroeconomic stability. The economy has recovered strongly, with ten consecutive quarters of growth, driven by a rebound in tourism.
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July 5, 2023
Series:Country Report No. 2023/241
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June 23, 2023
The Government of Barbados announced at the Summit for a New Global Financing Pact in Paris an integrated package of innovative initiatives to accelerate its transition to net zero, boost resilience, enfranchise workers, and draw in private sector investment while prudently managing public debt levels. These initiatives build on the ongoing climate policy reforms, supported by the Resilience and Sustainability Facility with the International Monetary Fund, which are expected to play a catalytic role in mobilizing private and public sector financing for climate projects.
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June 22, 2023
Barbados is implementing an ambitious homegrown economic reform and climate policy agenda, aimed at strengthening fiscal sustainability, advancing structural reforms, unlocking the economy’s growth potential, increasing resilience to climate change, and greening the economy. These policies are supported by the EFF and RSF arrangements, which were approved on December 7, 2022, in an amount equivalent to SDR 85.05 million (about US$114 million) or 90 percent of quota, and SDR 141.75 million (about US$190 million) or 150 percent of quota, respectively (see Press Release No. 22/417).
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May 12, 2023
“Following productive discussions, the IMF team and the Barbadian authorities reached staff-level agreement on the completion of the first reviews under the EFF and RSF arrangements. The agreement is subject to approval by the IMF Executive Board, which is expected to consider the reviews in June. The completion of the reviews will make available SDR 14.175 million (about US$19 million) under the EFF arrangement and SDR 14.175 million (about US$19 million) under the RSF arrangement.
Regional Economic Outlook
Western Hemisphere
Regional Economic Outlook
October 2022Recent developments in the Western Hemisphere—that is, the United States/Canada and Latin America and the Caribbean (LAC)—have been dominated by the impact of two distinct global shocks: the COVID-19 pandemic and then the Russian invasion of Ukraine. A third shock—the tightening of financial conditions—is now shaping the outlook. After contracting sharply in 2020, most of the Western Hemisphere’ economies recovered strongly in 2021 and early 2022, helped by the global recovery, the normalization of service sectors, and booming commodity prices. However, inflation pressures built up with pandemic-related disruptions, expansionary policies, rebounding demand, and the impact of the war in Ukraine on energy and food prices. The swift response of LAC’s monetary authorities to rising inflation—well ahead of other economies—helped contain price pressures and keep long-term inflation expectations anchored, but inflation remains high. Amid global monetary and financial tightening, and the ensuing slowdown in global growth and softening of commodity prices, activity is expected to decelerate throughout the Western Hemisphere in late 2022 and 2023, while inflation pressures are expected to recede gradually. Downside risks dominate the outlook and stem from tighter financial conditions, a more pronounced global slowdown, and entrenched inflation. For LAC, a sharp fall in commodity prices and social unrest are important risks. With inflation yet to abate and most economies still operating at or near potential, monetary policy should avoid easing prematurely and must stay the course. Clear communication of policy intentions will be key to reducing uncertainty and keeping inflation expectations anchored. Fiscal support deployed to mitigate the impact of inflation on the most vulnerable should be accompanied by compensating measures, where fiscal space does not exist, but also support monetary authorities’ efforts to tame inflation. Given rising financing costs, strengthening fiscal frameworks and advancing with inclusive fiscal consolidation—that protects key social objectives—will be essential to credibly putting public debt on a firm downward path while ensuring social stability. Boosting LAC’s medium-term growth requires raising productivity and good-quality public and private investment. Supply-side policies should focus on strengthening human capital, simplifying and modernizing labor regulations, and lifting barriers to firm entry and exit.
Read more: Regional Economic Outlook for the Western Hemisphere, October 2022