Sunday, April 21, 2024

Turning point

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The International Monetary Fund (IMF) and Government are expecting a surge in overseas investment after the external debt restructuring is completed next month.

IMF Barbados mission chief Bert van Selm made that prediction yesterday and was supported by Minister in the Ministry of Finance Ryan Straughn, and Minister in the Ministry of Economic Affairs and Investment Marsha Caddle.

Their investment forecast came as van Selm and his team completed the second official review of Government’s US$290 million loan programme under the IMF’s Extended Fund Facility (EFF).

Speaking during a post-review media conference at the Central Bank, van Selm said Barbados “continues to make good progress” and that the Barbados Economic Recovery and Transformation (BERT) programme, supported by the EFF, “is on track”.

The IMF team, which was here from November 5 to 15, will submit its report to the Executive Board next month, and this is expected to trigger the release of the third tranche of funding, about US$48 million, to Barbados, bringing total IMF funding so far to nearly US$150 million. (SC)

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