The International Monetary Fund (IMF) has given Barbados a passing grade following its latest review of the country’s economy recovery efforts.
The IMF’s Barbados Mission Chief Bert van Selm ended a two-week official review visit here today with news that the Barbados Economic Recovery and Transformation programme (BERT), supported by the IMF’s Extended Fund Facility, “is on track”.
He said Government “continues to make good progress in implementing its ambitious economic reform programme”, with the fiscal adjustment is proceeding as planned, and the financial sector remaining sound “despite a significant impact from the domestic debt restructuring”.
But van Selm also said “reducing transfers to state-owned enterprises is key for sustainable fiscal consolidation”. He added that “structural reform is necessary to unlock Barbados’ growth potential”, and “improving resilience to natural disasters and climate change will help strengthen the outlook”.(SC)
