Barbados’ foreign exchange reserves will get an “immediate” US$49 million boost from the International Monetary Fund (IMF).
But Barbadians should also prepare to soon face another set of fiscal measures following Monday’s decision by the IMF’s Executive Board to approve US$290 million in support of the Barbados Economic Recovery and Transformation (BERT) plan.
The NATION understands the IMF’s green light will now also trigger access to an additional US$210 million in “policy-based loans” from the Inter-American Development Bank and Caribbean Development Bank.
The IMF confirmed its approval of support under its Extended Fund Facility in a statement released last evening. It said US$49 million would be available to Barbados immediately, with the remainder accessible “upon successful completion of seven semi-annual reviews” over the next four years. (SC)
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