IMF Approves US$302 Million in Funding for Barbados

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The Executive Board of the International Monetary Fund (IMF) approved a 36-month Extended Fund Facility (EFF) in the amount of US$113 million, in addition to a Resilient and Sustainability Fund (RSF) in an amount of US$189 million for Barbados.

The new IMF-supported program will build on the achievements of Barbados’ 2018-22 EFF and draw on the authorities’ updated economic reform program (BERT 2022), including on efforts focusing on building resilience to natural disasters and climate change as well as reducing greenhouse gas emissions and transition risks.

Despite a series of global and regional economic shocks, Barbados continues its strong implementation of its ambitious economic reform program aimed at restoring fiscal sustainability, increasing reserves, and unlocking growth potential.

Economic activity in Barbados is starting to recover from the COVID-19 pandemic but risks to the outlook remain elevated, with higher global commodity prices pushing up inflation.

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