{
  "title": "Barbados’ 2018–19 Sovereign Debt Restructuring–A Sea Change?",
  "publication": "IMF Working Papers, February 21, 2020",
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  "summary": "This paper examines the causes, processes, and outcomes of Barbados’ 2018–19 sovereign debt restructuring—its first ever.",
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    {
      "heading": "Summary",
      "content": "- Examines the causes, processes, and outcomes of Barbados’ 2018–19 sovereign debt restructuring—its first ever.\n- Characterizes the restructuring as comprehensive and featuring several rarely used approaches:\n  - Restructuring of treasury bills.\n  - Use of a retrofitted collective action mechanism.\n- Concludes the restructuring has helped to set Barbados’ public debt on a clear downward trajectory.\n- Notes that a sustained reform effort will be needed to gradually reduce public debt from about 160 percent of GDP before the restructuring to the country’s 60 percent debt-to-GDP target.\n- Publication type: IMF Working Papers."
    },
    {
      "heading": "Key Findings and Outcomes",
      "content": "- The 2018–19 operation was Barbados’ first sovereign debt restructuring.\n- The restructuring included nonstandard elements for sovereign restructurings:\n  - Treasury bills were restructured.\n  - A retrofitted collective action mechanism was used.\n- The restructuring placed public debt on a downward trajectory, contingent on continued fiscal and structural measures.\n- Debt reduction target specified: from about 160 percent of GDP (pre-restructuring) to 60 percent of GDP (target)."
    },
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      "heading": "Policy Implications and Recommendations",
      "content": "- Sustained reform effort required, including:\n  - Maintaining high primary surpluses.\n  - Implementing ambitious structural reforms.\n- These measures are necessary to realize the gradual reduction in public debt toward the 60 percent debt-to-GDP target.\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2020/02/21/barbados-201819-sovereign-debt-restructuringa-sea-change-49044"
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    "Authors: Myrvin Anthony, Gregorio Impavido, Bert van Selm",
    "Published: February 21, 2020",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781513529967.001",
    "Examines the causes, processes, and outcomes of Barbados’ 2018–19 sovereign debt restructuring—its first ever.",
    "Characterizes the restructuring as comprehensive and featuring several rarely used approaches:",
    "Concludes the restructuring has helped to set Barbados’ public debt on a clear downward trajectory.",
    "Notes that a sustained reform effort will be needed to gradually reduce public debt from about 160 percent of GDP before the restructuring to the country’s 60 percent debt-to-GDP target.",
    "Publication type: IMF Working Papers.",
    "The 2018–19 operation was Barbados’ first sovereign debt restructuring.",
    "The restructuring included nonstandard elements for sovereign restructurings:",
    "The restructuring placed public debt on a downward trajectory, contingent on continued fiscal and structural measures.",
    "Debt reduction target specified: from about 160 percent of GDP (pre-restructuring) to 60 percent of GDP (target).",
    "Sustained reform effort required, including:",
    "These measures are necessary to realize the gradual reduction in public debt toward the 60 percent debt-to-GDP target.",
    "**Working Paper**"
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