By tomorrow US$49 million in International Monetary Funds (IMF) funds will be transferred to the Central Bank.
Government economic advisor Dr Kevin Greenidge said access to this first tranche of an overall US$290 million, intended to boost the foreign reserves over four years, followed the IMF Executive Board’s approval of the Barbados Economic Recovery and Transformation plan (BERT) on Monday.
Speaking this morning in a Facebook Live interview with veteran broadcaster Carol Roberts, the economist said the money from the IMF was a loan but provided on repayment terms that were very affordable when compared to market rates.
The Barbadian, who works for the IMF but has been seconded to Government as an advisor, also said the IMF’s “stamp of approval” of BERT would positively influence other funding agencies and foreign investors in their provision of assistance to Barbados.
“It is a significant achievement but the hard work now begins,” Greenidge stressed. (SC)
