THE CONTROVERSIAL International Monetary Fund (IMF) executive board statement on the Barbados economy has finally been released and the news is not pleasant.
The IMF revealed a number of concerns about the island’s economic state, particularly the need to make even bigger cuts in Government spending than had already been done. Saying growth remained weak, it said the bright spot remained the tourism sector’s performance.
“Executive directors welcomed the improvement in macroeconomic conditions and the authorities’ commitment to tackle urgently needed reforms. Directors cautioned, however, that the country faces daunting challenges, including external risks, high fiscal deficit and debt levels, and competitiveness challenges,” the statement noted.
The Fund called for “continued ambitious adjustment efforts” even in the face of some progress by the Freundel Stuart administration. (GE)
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