IMF Office in Barbados

Resident Representative for Barbados

Patrick Blagrave

Resident Representative

Office Information

2nd Floor Tom Adams Financial Centre, Central Bank of Barbados
Spry Street, Bridgetown

Email: WHDRR-BRB@imf.org
Tel: +1 (246) 537-2873

Patrick Blagrave, Resident Representative: Mr. Patrick Blagrave most recently spent three years as the Macroeconomics Advisor at the IMF’s Caribbean Regional Technical Assistance Center (CARTAC), working with countries throughout the region building capacity to conduct macroeconomic analysis and forecasting. A Canadian national, Mr. Blagrave’s career began at the Bank of Canada in 2006, and he later moved to the IMF in 2010. During his career, he has conducted research and published numerous papers, including on macroeconomic modeling, forecasting, and risk analysis; inflation determinants; cross-country spillover analysis; and the macroeconomic effects of structural reforms. During his time at IMF Headquarters (HQ) in Washington, DC, he contributed regularly to the flagship World Economic Outlook publication, including co-authoring three analytical chapters. Prior to moving to CARTAC in 2020, he was the senior desk economist for the IMF’s India and Nepal country teams, where he played a lead role in conducting annual Article IV consultations, and liaising with country authorities on fiscal, real, and monetary-sector issues. He holds a First-Class Honors BA in Economics from Mount Allison University, and a Master’s Degree in Economics from Queen’s University.
Vacant, Local Economist
Amy Carrington, Office Manager: Amy Carrington, a Barbadian national joined the IMF RRO for Barbados as Office Manager on its inauguration in August 2019. Prior to joining the team, she worked for the United States government for a period of 8 years providing assistance to countries in the Eastern Caribbean through the Centers For Disease Control (CDC), Presidents Emergency Plan for AIDS Relief (PEPFAR) program and subsequently with the United States Agency for International Development (USAID), which supported youth development, juvenile justice reform, HIV AIDS, and general development programs in Barbados and the Eastern Caribbean. She also served as the Trafficking in Persons Coordinator for the agency. Amy is a management graduate with experience in operations management, financial administration, procurement and logistics functions. She's a skilled organizer and communicator with extensive experience in office management. Amy is responsible for the day to day management and operations of the RRO. She is highly competent, proficient with time management, organizational and problem-solving skills, whilst placing high emphasis on teamwork. With extensive travel experience and love for exploring different cultures, Amy is passionate about the tourism industry. This passion has led her to pursue her studies in this area where she achieved an Associate Degree in Tourism and Travel and a BSc Hons in Management specializing in Tourism and Hospitality Management, from the University of the West Indies.
Willie Parris, Office Driver: Mr. Willie Parris joined IMF Resident Representative Barbados Office as a Senior Driver on January13th 2020. Under the supervision of the Resident Representative and the Office Manager, Mr. Parris performs official driver duties and assist with general administrative tasks. Prior to joining the IMF Resident Representative Office for Barbados, Mr. Parris a national of Barbados spent almost three decades with the Organization of American States (OAS) as Office Driver/Messenger. Mr. Parris is an electrician by trade and has achieved certification in Computer Repairs & Maintenance.

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This web page provides information on the activities of the Office, views of the IMF staff, and the relations between Barbados and the IMF. Additional information can be found on Barbados and IMF country page, including official IMF reports and Executive Board documents in English that deal with Barbados.

Barbados and the IMF Country Page

Barbados: At a Glance
Vacancy Announcement
Office Activities

IMF's Work on Barbados
Regional Economic Outlook

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

Barbados: Staff Concluding Statement of the 2023 Article IV Consultation Mission and Staff Level Agreement for the Second Review under the Extended Fund Facility and the Resilience and Sustainability Facility

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.
Barbados: First Reviews Under the Extended Fund Facility and Under the Resilience and Sustainability Facility, Requests for Modification of Performance Criteria and Reform Measures, and Rephasing of Access Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Barbados

July 5, 2023

Series:Country Report No. 2023/241
The Government of Barbados Forms a Coalition of Multilateral Banks to Develop Resilient Infrastructure and to Drive New Social and Nature Capital Investments, Building on Its Resilience and Sustainability Facility at the IMF

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.
IMF Executive Board Completes the First Reviews under the Extended Fund Facility and the Resilience and Sustainability Facility with Barbados

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).
IMF Reaches Staff-Level Agreement with Barbados on the First Reviews of the Extended Fund Facility and the Resilience and Sustainability Facility Arrangement

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 2022

Recent 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.

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