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
IMF Staff Country Reports, December 16, 2022
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- 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
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Bibliographic details
- Published: December 16, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400227516.002
Progress on the Economic Recovery and Transformation (BERT) plan
- Since May 2018, under the government led by Prime Minister Mia Mottley, Barbados has made good progress in implementing the Economic Recovery and Transformation (BERT) plan.
- Progress was achieved despite a series of economic shocks.
Macroeconomic stability, debt restructuring, and reforms
- Macroeconomic stability was restored through a combination of:
- comprehensive sovereign debt restructuring,
- fiscal consolidation,
- structural reforms aimed at reducing fiscal dominance and enhancing growth.
- Public debt trajectory:
- Fiscal consolidation was interrupted by the COVID-19 pandemic.
- Public debt was put back on a downward path starting in FY2021/22.
International reserves and liquidity
- International reserves increased to US$1.4 billion by end-September 2022 from a historical low of US$220 million in 2018.
IMF engagement and program requests
- Building on the successful completion of a 2018-22 Extended Fund Facility (EFF), the authorities have requested:
- a successor EFF program, and
- a Resilience and Sustainability Facility (RSF).
- Objectives of the requested arrangements:
- strengthen fiscal sustainability,
- support the structural reform agenda,
- increase resilience to climate change.
Subject areas and keywords reflected in the report
- Subject: Climate change, Credit, Environment, Fiscal policy, Fiscal stance, International organization, Monetary policy, Money, Natural disasters, Public debt
- Keywords: Caribbean, Climate change, climate change adaptation measure, climate change mitigation, Credit, EFF arrangement, Fiscal stance, Global, Natural disasters, sector policy, successor EFF program
International Monetary Fund; December 16, 2022.
Content in this bundle
- 1brbea2022002 — Executive Summary