{
  "title": "Barbados: Request for an Arrangement Under the Extended Fund Facility and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; and Staff Report",
  "publication": "IMF Staff Country Reports, December 16, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2022/12/16/barbados-request-for-an-arrangement-under-the-extended-fund-facility-and-request-for-an-527041",
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  "summary": "Despite a series of economic shocks, Barbados has made good progress in implementing its Economic Recovery and Transformation (BERT) plan since the government led by Prime Minister Mia Mottley took office in May 2018.",
  "sections": [
    {
      "heading": "Progress on the Economic Recovery and Transformation (BERT) plan",
      "content": "- Since May 2018, under the government led by Prime Minister Mia Mottley, Barbados has made good progress in implementing the Economic Recovery and Transformation (BERT) plan.\n- Progress was achieved despite a series of economic shocks."
    },
    {
      "heading": "Macroeconomic stability, debt restructuring, and reforms",
      "content": "- Macroeconomic stability was restored through a combination of:\n  - comprehensive sovereign debt restructuring,\n  - fiscal consolidation,\n  - structural reforms aimed at reducing fiscal dominance and enhancing growth.\n- Public debt trajectory:\n  - Fiscal consolidation was interrupted by the COVID-19 pandemic.\n  - Public debt was put back on a downward path starting in FY2021/22."
    },
    {
      "heading": "International reserves and liquidity",
      "content": "- International reserves increased to US$1.4 billion by end-September 2022 from a historical low of US$220 million in 2018."
    },
    {
      "heading": "IMF engagement and program requests",
      "content": "- Building on the successful completion of a 2018-22 Extended Fund Facility (EFF), the authorities have requested:\n  - a successor EFF program, and\n  - a Resilience and Sustainability Facility (RSF).\n- Objectives of the requested arrangements:\n  - strengthen fiscal sustainability,\n  - support the structural reform agenda,\n  - increase resilience to climate change."
    },
    {
      "heading": "Subject areas and keywords reflected in the report",
      "content": "- Subject: Climate change, Credit, Environment, Fiscal policy, Fiscal stance, International organization, Monetary policy, Money, Natural disasters, Public debt\n- Keywords: Caribbean, Climate change, climate change adaptation measure, climate change mitigation, Credit, EFF arrangement, Fiscal stance, Global, Natural disasters, sector policy, successor EFF program\n\nInternational Monetary Fund; December 16, 2022.\n\n---\n\n Content in this bundle\n\n- 1brbea2022002 — Executive Summary\n  - 1brbea2022002 — Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1brbea2022002 — Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "[Markdown version](/en/publications/cr/issues/2022/12/16/barbados-request-for-an-arrangement-under-the-extended-fund-facility-and-request-for-an-527041/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2022/12/16/barbados-request-for-an-arrangement-under-the-extended-fund-facility-and-request-for-an-527041/index.json)",
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    "Published: December 16, 2022",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400227516.002",
    "Since May 2018, under the government led by Prime Minister Mia Mottley, Barbados has made good progress in implementing the Economic Recovery and Transformation (BERT) plan.",
    "Progress was achieved despite a series of economic shocks.",
    "Macroeconomic stability was restored through a combination of:",
    "International reserves increased to US$1.4 billion by end-September 2022 from a historical low of US$220 million in 2018.",
    "Building on the successful completion of a 2018-22 Extended Fund Facility (EFF), the authorities have requested:",
    "Objectives of the requested arrangements:",
    "Subject: Climate change, Credit, Environment, Fiscal policy, Fiscal stance, International organization, Monetary policy, Money, Natural disasters, Public debt",
    "Keywords: Caribbean, Climate change, climate change adaptation measure, climate change mitigation, Credit, EFF arrangement, Fiscal stance, Global, Natural disasters, sector policy, successor EFF program",
    "**1brbea2022002 — Executive Summary**"
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