IMF Office in Barbados

Resident Representative for Barbados

Christopher Faircloth

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

Christopher Faircloth, Resident Representative: Mr. Christopher Faircloth is a Canadian national that has worked at the International Monetary Fund (IMF) for nearly two decades. His IMF career began as the Advisor to the Executive Director for Canada, Ireland, and Caribbean countries in 2001, where his portfolio included policy issues such as the Fund’s response to capital account crises, private-sector involvement in crisis management, and the voice and representation of small states. Mr. Faircloth moved to the Fund’s general staff as Economist in 2004 where he specialized in the Caribbean region. He was involved in the IMF’s lending and economic reform programs with Dominica and Jamaica—both of which involved a debt restructuring—and served as desk economist for a variety of Caribbean countries, including The Bahamas, St. Lucia, and Trinidad and Tobago. During his Fund career, Mr. Faircloth also worked on Western Balkan countries and spent several years in the Finance Department’s Concessional Financing Division, which oversees the financing framework to deliver concessional support to the poorest and most vulnerable IMF members. He was a lead contributor to the 2019 reform of the Fund’s toolkit to support low-income countries that saw an increase in access to concessional Fund resources, particularly in the aftermath of a large-scale natural disaster event. Mr. Faircloth took up his assignment as the IMF’s Resident Representative for Barbados in August 2019 with the primary responsibility to support the implementation of Barbados’ Economic Reform and Transformation (BERT) Program under the IMF’s Extended Fund Facility arrangement. He holds an Honors and Master’s Degree in Economics from the University of Manitoba and University of Guelph respectively.
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
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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

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

IMF Staff Concludes Visit to Barbados

February 16, 2023

“Barbados faced challenging conditions in recent years as a result of the global pandemic, natural disasters, and the rise in global food and fuel prices. After contracting by 14 percent in 2020-2021, economic activity is recovering strongly, driven by the tourism sector, with real GDP growth estimated at 10 percent in 2022. The economic recovery is expected to continue in 2023.
Improving Access to Climate Finance

February 2, 2023

Climate change, in my view, is likely to be one of the foremost macroeconomic, financial, and debt policy challenges that IMF members will face over the coming decades. Meeting this challenge will require an unprecedented and massive scaling up of global investments for climate adaptation and mitigation. The good news is that at the current rate of $630 billion a year, the scaling up has already begun. ESG investments continue growing as an asset class on the investment landscape. The bad news is that this amount is still far short of the estimated financing needed for the green transition.
Barbados: Request for an Arrangement Under the Extended Fund Facility and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; and Staff Report

December 16, 2022

Series:Country Report No. 2022/377
IMF Executive Board Approves US$113 Million under the Extended Fund Facility and US$189 Million under the Resilience and Sustainability Facility for Barbados

December 7, 2022

IMF Executive Board Approves US$113 million under the Extended Fund Facility and US$189 million under the Resilience and Sustainability Facility for Barbados
IMF Reaches Staff-Level Agreement with Barbados for a Resilience and Sustainability Trust (RST) program, with an accompanying Extended Fund Facility (EFF)

September 28, 2022

IMF Reaches Staff-Level Agreement with Barbados for a Resilience and Sustainability Trust (RST) program, with an accompanying Extended Fund Facility (EFF)

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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IMF Office in Barbados

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