## IMF Staff Concludes Visit to Barbados

_IMF News, February 28, 2025_

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**Canonical URL:** [IMF Staff Concludes Visit to Barbados](https://www.imf.org/en/news/articles/2025/02/28/pr-2551-barbados-imf-staff-concludes-visit-to-barbados)

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## Bibliographic details
- Published: February 28, 2025

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### Mission purpose and context
- An IMF team led by Michael Perks visited Bridgetown between February 25-28, 2025 to review recent economic developments and reform efforts and prepare the ground for the fifth and final reviews of the Extended Fund Facility (EFF) / Resilience and Sustainability Facility (RSF) programs.
- End-of-Mission press releases convey preliminary findings after a visit; the views expressed are those of IMF staff and do not necessarily represent the views of the IMF’s Executive Board. This mission will not result in a Board discussion.

### Key macroeconomic findings (2024)
- Real GDP growth is estimated at 4 percent in 2024, driven by business services, tourism, and construction.
- Inflation moderated to an average of 1.4 percent in 2024, reflecting an easing of global commodity prices and prices of domestic goods and services.
- The current account deficit narrowed to 4.5 percent of GDP in 2024 (from 8.6 percent in 2023).
- International reserves reached US$1.6 billion, equivalent to over 7 months of imports.

### Fiscal performance and debt
- Program targets under the Fund-supported program for end-December 2024 were met.
- The primary balance reached 5.3 percent of GDP through December 2024.
- Authorities are on track to meet the 3.8 percent of GDP fiscal target for FY2024/25.
- Public debt declined to close to 100 percent of GDP at end-2024.
- The authorities remain committed to bringing public debt down to 60 percent of GDP by FY 2035/36.
- Preparation of the 2025/26 budget is well underway.

### Program implementation and structural reforms
- Implementation of the home-grown Barbados Economic Recovery and Transformation (BERT 2022) program remains strong, supported by the IMF’s Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF).
- Structural reform efforts continue to advance, supported by IMF technical assistance, including actions to:
  - strengthen customs administration;
  - strengthen the framework for public-private partnerships;
  - enhance the Central Bank of Barbados’ liquidity forecasting.
- Authorities are making progress with the implementation of the RSF reform measures for the last review.

### Outlook, risks, and next steps
- The near-term economic outlook remains positive, but risks continue to be high and tilted to the downside, given Barbados’ vulnerability to global shocks and natural disasters.
- The IMF team is looking forward to conducting discussions for the fifth and final reviews under the EFF and RSF in May.

*International Monetary Fund, Press Release No. 25/51, February 28, 2025.*

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## References

- [Barbados and the IMF](http://www.imf.org/external/country/BRB/index.htm)
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- [PRESS CENTER](http://presscenter.imf.org/)
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_Source: https://www.imf.org/en/news/articles/2025/02/28/pr-2551-barbados-imf-staff-concludes-visit-to-barbados_