{
  "title": "IMF Staff Concludes Visit to Barbados",
  "publication": "IMF News, February 16, 2023",
  "sourceUrl": "https://www.imf.org/en/news/articles/2023/02/16/pr2343-barbados-imf-staff-concludes-visit-to-barbados",
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  "summary": "“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.",
  "publishDate": "2023-02-16",
  "sections": [
    {
      "heading": "Mission context and timing",
      "content": "- IMF team led by Pablo Morra visited Bridgetown between February 13-16, 2023.\n- Press Release No. 23/43.\n- Statement reflects views of IMF staff and does not necessarily represent the views of the IMF’s Executive Board.\n- This staff visit will not result in a Board discussion."
    },
    {
      "heading": "Economic performance and outlook",
      "content": "- Barbados contracted by 14 percent in 2020-2021.\n- Real GDP growth estimated at 10 percent in 2022.\n- The economic recovery is expected to continue in 2023.\n- Recovery driven by the tourism sector."
    },
    {
      "heading": "IMF-supported program implementation and targets",
      "content": "- Implementation of the updated Barbados Economic Recovery and Transformation (BERT 2022) program is ongoing.\n- Program supported by the IMF’s Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF).\n- Program targets under the Fund-supported program for end-December 2022 were met.\n- The team is looking forward to conducting discussions for the first review under the EFF and the RSF in May."
    },
    {
      "heading": "External buffers and fiscal position",
      "content": "- International reserves reached US$1.4 billion at the end of 2022.\n- US$1.4 billion at the end of 2022 is equivalent to about 7 months of imports.\n- Fiscal performance was strong in the first three quarters of fiscal year 2022/23.\n- Strong fiscal performance bodes well for meeting the 2 percent of GDP primary balance target for the full fiscal year.\n- Preparation of a budget for fiscal year 2023/24 is well underway."
    },
    {
      "heading": "Structural reforms and resilience measures",
      "content": "- Several steps taken to advance the structural reform agenda, including:\n  - Actions to strengthen and modernize procedures for granting and managing duty and tax exemptions.\n  - Measures to safeguard the sustainability of the National Insurance Fund.\n- Work underway on:\n  - Reforms to enhance the sustainability of the public sector pension scheme.\n  - Measures to strengthen tax administration.\n  - Reform measures to build resilience to climate change under the RSF."
    },
    {
      "heading": "Mission statement excerpts and acknowledgments",
      "content": "- From Pablo Morra: “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.”\n- The team thanked the authorities and the technical team for their openness and candid discussions.\n\nSource: IMF Staff Concludes Visit to Barbados (Press Release No. 23/43, February 16, 2023).\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/2023/02/16/pr2343-barbados-imf-staff-concludes-visit-to-barbados"
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    "Published: February 16, 2023",
    "IMF team led by Pablo Morra visited Bridgetown between February 13-16, 2023.",
    "Press Release No. 23/43.",
    "Statement reflects views of IMF staff and does not necessarily represent the views of the IMF’s Executive Board.",
    "This staff visit will not result in a Board discussion.",
    "Barbados contracted by 14 percent in 2020-2021.",
    "Real GDP growth estimated at 10 percent in 2022.",
    "The economic recovery is expected to continue in 2023.",
    "Recovery driven by the tourism sector.",
    "Implementation of the updated Barbados Economic Recovery and Transformation (BERT 2022) program is ongoing.",
    "Program supported by the IMF’s Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF).",
    "Program targets under the Fund-supported program for end-December 2022 were met.",
    "The team is looking forward to conducting discussions for the first review under the EFF and the RSF in May.",
    "International reserves reached US$1.4 billion at the end of 2022.",
    "US$1.4 billion at the end of 2022 is equivalent to about 7 months of imports.",
    "Fiscal performance was strong in the first three quarters of fiscal year 2022/23.",
    "Strong fiscal performance bodes well for meeting the 2 percent of GDP primary balance target for the full fiscal year.",
    "Preparation of a budget for fiscal year 2023/24 is well underway.",
    "Several steps taken to advance the structural reform agenda, including:",
    "Work underway on:",
    "From Pablo Morra: “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.”",
    "The team thanked the authorities and the technical team for their openness and candid discussions.",
    "[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)"
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