{
  "title": "Barbados: Staff Report for 2013 Article IV Consultation",
  "publication": "IMF Staff Country Reports, February 12, 2014",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/barbados-staff-report-for-2013-article-iv-consultation-41335",
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  "summary": "This 2013 Article IV consultation highlights Barbados’ weak economic performance and high public debt. Foreign reserves are under pressure as fiscal and external imbalances widened in 2012 and further in 2013.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Highlights Barbados’ weak economic performance and high public debt.\n- Foreign reserves are under pressure as fiscal and external imbalances widened in 2012 and further in 2013.\n- Authorities announced ambitious budget consolidation proposals in 2013 aimed at strengthening the fiscal position and arresting the slide in reserves.\n- Recent fiscal measures, if fully implemented, should stabilize debt levels by 2016.\n- Even with full implementation, fiscal financing pressures and external sector sustainability would remain challenging."
    },
    {
      "heading": "Key findings",
      "content": "- Economic performance described as weak, with widening fiscal and external imbalances in 2012 and 2013.\n- Public debt identified as high and a central vulnerability.\n- Foreign reserves under pressure due to the above imbalances.\n- Recent fiscal measures have conditional effectiveness: full implementation is needed to achieve stabilization of debt by 2016."
    },
    {
      "heading": "Risks and scenarios",
      "content": "- Downside risks are considerable.\n- Failure to implement corrective policies could result in a disorderly adjustment process.\n- Even under the optimistic scenario of full policy implementation, significant challenges would persist for fiscal financing and external sector sustainability."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Urgent action required to address fiscal and external imbalances (as signaled by authorities’ 2013 consolidation proposals).\n- Full implementation of announced fiscal measures is critical to stabilize debt levels by 2016.\n- Given substantial downside risks, contingency planning and measures to safeguard external reserves and fiscal financing should accompany consolidation.\n\nBarbados: Staff Report for 2013 Article IV Consultation, February 12, 2014 — International Monetary Fund.\n\n---\n\n Content in this bundle\n\n- Barbados 2013 Article IV Consultation, IMF Country Report No. 14/52; January 27, 2014\n  - Barbados 2013 Article IV Consultation, IMF Country Report No. 14/52; January 27, 2014 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Barbados 2013 Article IV Consultation, IMF Country Report No. 14/52; January 27, 2014 (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "Published: February 12, 2014",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475557077.002",
    "Highlights Barbados’ weak economic performance and high public debt.",
    "Foreign reserves are under pressure as fiscal and external imbalances widened in 2012 and further in 2013.",
    "Authorities announced ambitious budget consolidation proposals in 2013 aimed at strengthening the fiscal position and arresting the slide in reserves.",
    "Recent fiscal measures, if fully implemented, should stabilize debt levels by 2016.",
    "Even with full implementation, fiscal financing pressures and external sector sustainability would remain challenging.",
    "Economic performance described as weak, with widening fiscal and external imbalances in 2012 and 2013.",
    "Foreign reserves under pressure due to the above imbalances.",
    "Recent fiscal measures have conditional effectiveness: full implementation is needed to achieve stabilization of debt by 2016.",
    "Downside risks are considerable.",
    "Failure to implement corrective policies could result in a disorderly adjustment process.",
    "Even under the optimistic scenario of full policy implementation, significant challenges would persist for fiscal financing and external sector sustainability.",
    "Urgent action required to address fiscal and external imbalances (as signaled by authorities’ 2013 consolidation proposals).",
    "Full implementation of announced fiscal measures is critical to stabilize debt levels by 2016.",
    "Given substantial downside risks, contingency planning and measures to safeguard external reserves and fiscal financing should accompany consolidation.",
    "**Barbados 2013 Article IV Consultation, IMF Country Report No. 14/52; January 27, 2014**"
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