Barbados is getting another $46 million from the International Monetary Fund (IMF) as the international financial institution concludes its seven and final review of Government’s current Extended Fund Facility arrangement.
News of the additional funding came as the IMF’s executive board said that Barbados’ economy was recovering, but its medium-term growth prospects “depend on accelerating structural reforms to improve the business climate, diversify the economy, and facilitating green and digital transformations”.
The executive board said it completed the latest Barbados review and approval of the $46 million under its lapse-of-time procedure, meaning the board agreed to what its staff recommended without convening formal discussions.
“Economic activity in Barbados is starting to recover from the COVID-19 shock. Tourism came to a virtual standstill in April 2020, and the economy contracted by 14 per cent in 2020,” the IMF’s top decision-making body said. (SC)
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IMF = Insane Myopic Fund