{ "title": "IMF Staff Concludes Virtual Visit to Barbados", "publication": "IMF News, August 28, 2020", "sourceUrl": "https://www.imf.org/en/news/articles/2020/08/28/pr20289-barbados-imf-staff-concludes-virtual-visit", "canonical": "https://www.imf.org/en/news/articles/2020/08/28/pr20289-barbados-imf-staff-concludes-virtual-visit", "overlayPath": "/en/news/articles/2020/08/28/pr20289-barbados-imf-staff-concludes-virtual-visit/index.md", "summary": "Press Release No. 20/289; August 28, 2020.", "publishDate": "2020-08-28", "sections": [ { "heading": "Mission context and scope", "content": "- Press Release No. 20/289; August 28, 2020.\n- At the request of the Government of Barbados, an IMF team led by Bert van Selm conducted a staff visit via videoconferencing between August 25-28, 2020.\n- Purpose: discuss implementation of Barbados’ Economic Recovery and Transformation (BERT) plan, supported by the IMF under the Extended Fund Facility (EFF).\n- Washington, DC — statement summarizing the mission’s findings issued by Mr. van Selm.\n- IMF Communications Department contact: PRESS OFFICER: Maria Candia Romano; Phone: +1 202 623-7100; Email: MEDIA@IMF.org." }, { "heading": "Economic impact of COVID-19 and tourism", "content": "- The global coronavirus pandemic has severely affected economies and is causing a deep recession in Barbados.\n- Tourism is expected to recover gradually through 2021.\n- The COVID-19 pandemic has had a major impact on Barbados’ economy, with a double-digit decline in economic activity projected for 2020.\n- Tourism effects described:\n - Tourism came to a virtual standstill between March and June 2020: airlift declined precipitously, most hotels closed, and occupancy plummeted at facilities that remained open.\n - In early July, the island cautiously started reopening the economy for international tourists, after the authorities effectively halted local transmission of the disease." }, { "heading": "Program implementation and key quantitative outcomes", "content": "- Implementation of Barbados Economic Recovery and Transformation (BERT) program remains strong, despite the COVID-19 shock.\n- Program targets under the Fund supported program for end-June 2020 were met.\n- International reserves:\n - Reached a low of US$220 million (5-6 weeks of import coverage) at end-May 2018.\n - Are now in excess of US$1 billion at the end of August.\n- The targets for international reserves, net domestic assets and the primary balance were met with some margin, which bodes well for meeting the end-September EFF targets.\n- All indicative targets for end-June under the EFF were met." }, { "heading": "Structural reforms and benchmarks", "content": "- Good progress continues to be made towards implementing structural reform under the EFF.\n- The two structural benchmarks for end-June 2020, related to tax and customs administration, were both met.\n- A revised central bank law is expected to be ready to be sent to Parliament in September." }, { "heading": "Next steps and outlook", "content": "- The team is looking forward to conducting discussions for the fourth review under the EFF in late October.\n- Mission statement emphasizes continued openness and candid discussions with the authorities and the technical team.\n\nPress Release No. 20/289, August 28, 2020.\n\n---\n\n\n References\n\n- Barbados and the IMF\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2020/08/28/pr20289-barbados-imf-staff-concludes-virtual-visit" } ], "bullets": [ "[Markdown version](/en/news/articles/2020/08/28/pr20289-barbados-imf-staff-concludes-virtual-visit/index.md)", "[Structured JSON version](/en/news/articles/2020/08/28/pr20289-barbados-imf-staff-concludes-virtual-visit/index.json)", "[Bundle manifest](/en/news/articles/2020/08/28/pr20289-barbados-imf-staff-concludes-virtual-visit/bundle-manifest.json)", "Published: August 28, 2020", "Press Release No. 20/289; August 28, 2020.", "At the request of the Government of Barbados, an IMF team led by Bert van Selm conducted a staff visit via videoconferencing between August 25-28, 2020.", "Purpose: discuss implementation of Barbados’ Economic Recovery and Transformation (BERT) plan, supported by the IMF under the Extended Fund Facility (EFF).", "Washington, DC — statement summarizing the mission’s findings issued by Mr. van Selm.", "IMF Communications Department contact: PRESS OFFICER: Maria Candia Romano; Phone: +1 202 623-7100; Email: MEDIA@IMF.org.", "The global coronavirus pandemic has severely affected economies and is causing a deep recession in Barbados.", "Tourism is expected to recover gradually through 2021.", "The COVID-19 pandemic has had a major impact on Barbados’ economy, with a double-digit decline in economic activity projected for 2020.", "Tourism effects described:", "Implementation of Barbados Economic Recovery and Transformation (BERT) program remains strong, despite the COVID-19 shock.", "Program targets under the Fund supported program for end-June 2020 were met.", "International reserves:", "The targets for international reserves, net domestic assets and the primary balance were met with some margin, which bodes well for meeting the end-September EFF targets.", "All indicative targets for end-June under the EFF were met.", "Good progress continues to be made towards implementing structural reform under the EFF.", "The two structural benchmarks for end-June 2020, related to tax and customs administration, were both met.", "A revised central bank law is expected to be ready to be sent to Parliament in September.", "The team is looking forward to conducting discussions for the fourth review under the EFF in late October.", "Mission statement emphasizes continued openness and candid discussions with the authorities and the technical team.", "[Barbados and the IMF](http://www.imf.org/external/country/BRB/index.htm)", "[Press Releases](https://www.imf.org/en/news/searchnews)", "[PRESS CENTER](http://presscenter.imf.org/)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2020/08/28/pr20289-barbados-imf-staff-concludes-virtual-visit/index.md", "json": "/en/news/articles/2020/08/28/pr20289-barbados-imf-staff-concludes-virtual-visit/index.json", "bundleManifest": "/en/news/articles/2020/08/28/pr20289-barbados-imf-staff-concludes-virtual-visit/bundle-manifest.json" }, "generatedAtUtc": "2026-09-25T23:49:07.403Z" }