From left: Minister of International Business and Industry, Ronald Toppin, Senior Technical Adviser to Government, Dr. Kevin Greenidge; Economic Advisor to Government, Dr. Clyde Mascoll and Government’s Special Advisor on the Economy, Professor Avinash Persaud, having a chat at Parliament yesterday.
IMF IN BARBADOS
THE International Monetary Fund (IMF) has made its first visit to Barbados for 2019 as the country continues to implement the IMF programme. The team arrived in the island recently and yesterday held a meeting with Government officials just before the commencement of yesterday’s sitting of Parliament.
The meeting dealt with the Barbados Economic Recovery and Transformation (BERT) programme which the Government has undertaken and is pursuing with the Fund to correct certain imbalances in the economy.
On Monday night, the Prime Minister, Ms. Mia Amor Mottley said that the BERT programme had stabilized the economy. Under that Extended Fund Facility (EFF) programme Barbados has been assured of Bds$599 million.
One drawdown of close to $100 million has also been made. However, there are certain requirements the country has to meet in order to make subsequent drawdowns.
Just last week the Governor of the Central Bank of Barbados Cleviston Haynes said the IMF will be coming to Barbados periodically with the next visit due early this month.
He said that they will be returning in early May to do a review on the country’s end of March economic performance.
“It is at that time they will do the review, submit a report to their Board of Directors, and once we have been able to deliver on the targets that we have been committed to deliver we become eligible for the next drawdown,” Haynes had told the media. That is anticipated in early June. The targets which Barbados has to meet include an improved fiscal deficit, primary balance as stated at the time of the agreement, debt, transfers to Government enterprises.