{
  "title": "Barbados: IMF Executive Board Concludes the Third Reviews Under the Extended Fund Facility and the Resilience and Sustainability Facility",
  "publication": "IMF News, June 28, 2024",
  "sourceUrl": "https://www.imf.org/en/news/articles/2024/06/28/pr-24254-barbados-imf-concludes-the-3rd-reviews-under-the-eff-and-the-rsf",
  "canonical": "https://www.imf.org/en/news/articles/2024/06/28/pr-24254-barbados-imf-concludes-the-3rd-reviews-under-the-eff-and-the-rsf",
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  "summary": "The Executive Board of the International Monetary Fund (IMF) concluded the Third Reviews of the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF) arrangements with Barbados on a lapse-of-time basis",
  "publishDate": "2024-06-28",
  "sections": [
    {
      "heading": "Executive summary and disbursements",
      "content": "- The Executive Board concluded the Third Reviews of the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF) with Barbados on a lapse-of-time basis.\n- The conclusion of the reviews allows immediate disbursements of:\n  - SDR 14.175 million (about US$19 million) under the EFF.\n  - SDR 28.35 million (about US$37 million) under the RSF.\n- Total disbursements to date:\n  - SDR 56.7 million (about US$75 million) under the EFF.\n  - SDR 85.05 million (about US$112 million) under the RSF."
    },
    {
      "heading": "Macroeconomic performance and outlook",
      "content": "- 2023 outcomes:\n  - GDP growth: 4.4 percent (driven by rebound in tourism and related sectors).\n  - Current account deficit: 9 percent of GDP.\n  - International reserves: US$1.5 billion at end-2023 (equivalent to over 7 months of imports).\n  - Inflation: moderated gradually with easing international commodity prices but remained somewhat elevated due to higher prices of certain domestic crops and stronger demand for tourism-related services.\n- 2024 projections and expectations:\n  - GDP growth: expected to remain strong in 2024, driven by further growth in tourist arrivals.\n  - Inflation: projected to moderate to 3.1 percent by end-2024.\n  - Current account deficit: expected to narrow to 7.4 percent of GDP.\n- Risks:\n  - Elevated vulnerability to potential global economic and financial shocks and natural disasters.\n  - These risks are partially mitigated by the authorities’ track record of implementation and strong commitment to reform."
    },
    {
      "heading": "Program performance and fiscal policy",
      "content": "- Program implementation:\n  - All quantitative performance criteria and indicative targets for the third review of the EFF were met.\n  - The authorities exceeded the primary surplus target for FY 2023/24.\n  - Primary surplus target for FY 2024/25: targeting 4 percent of GDP.\n- Public debt and medium-term target:\n  - Public debt has fallen back to pre-pandemic levels.\n  - Authorities remain committed to bringing public debt down to 60 percent of GDP by FY 2035/36.\n- Structural reforms and benchmarks met:\n  - Reforms to state-owned enterprises.\n  - Reforms to the public pension scheme.\n  - Reforms to the tax and customs exemption regimes.\n  - Reforms to public procurement processes.\n  - Reforms to public financial management."
    },
    {
      "heading": "Climate and resilience measures under the RSF",
      "content": "- Two RSF reform measures set for the third review were implemented, supporting the government’s climate-policy agenda.\n- Specific measures:\n  - A new Stormwater Management Act to improve flood resilience was tabled in Parliament.\n  - An Energy Efficiency and Conservation Policy Framework for government agencies and public lighting was approved by Cabinet.\n\nPress Release No. 24/254, IMF, June 28, 2024.\n\n---\n\n\n References\n\n- PRESS CENTER\n- Barbados and the IMF\n- IMF-World Bank Debt Sustainability Framework for Low-Income Countries -- A Factsheet\n- Special Drawing Rights (SDRs) -- A Factsheet\n- Press Releases\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2024/06/28/pr-24254-barbados-imf-concludes-the-3rd-reviews-under-the-eff-and-the-rsf"
    }
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    "Published: June 28, 2024",
    "The Executive Board concluded the Third Reviews of the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF) with Barbados on a lapse-of-time basis.",
    "The conclusion of the reviews allows immediate disbursements of:",
    "Total disbursements to date:",
    "2023 outcomes:",
    "2024 projections and expectations:",
    "Risks:",
    "Program implementation:",
    "Public debt and medium-term target:",
    "Structural reforms and benchmarks met:",
    "Two RSF reform measures set for the third review were implemented, supporting the government’s climate-policy agenda.",
    "Specific measures:",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[Barbados and the IMF](http://www.imf.org/external/country/BRB/index.htm)",
    "[IMF-World Bank Debt Sustainability Framework for Low-Income Countries -- A Factsheet](https://www.imf.org/en/about/factsheets/sheets/2023/imf-world-bank-debt-sustainability-framework-for-low-income-countries)",
    "[Special Drawing Rights (SDRs) -- A Factsheet](https://www.imf.org/en/about/factsheets/sheets/2023/special-drawing-rights-sdr)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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