Barbados: Fourth Review Under the Extended Arrangement, Requests for Augmentation of Access, and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Barbados
IMF Staff Country Reports, December 11, 2020
Source details
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- Barbados: Fourth Review Under the Extended Arrangement, Requests for Augmentation of Access, and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Barbados
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Bibliographic details
- Published: December 11, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513563671.002
Implementation progress and objectives
- Barbados has made good progress in implementing its Economic Recovery and Transformation (BERT) plan to:
- restore fiscal and debt sustainability
- rebuild reserves
- increase growth
International reserves and debt restructuring
- Since May 2018, international reserves increased from a low of US$220 million (5-6 weeks of import coverage) to more than US$1 billion at end-October 2020.
- A successful 2018-19 public debt restructuring has helped rebuild confidence in the country’s macroeconomic framework.
Impact of the COVID-19 pandemic and sectoral effects
- The local spread of COVID-19 has been successfully contained, allowing for a cautious reopening of the tourism sector in July.
- Despite containment, economic activity remains severely depressed owing to the global pandemic.
Risks and outlook
- Risks to the outlook remain elevated.
Content in this bundle
- 1brbea2020002