Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the third review of the IMF’s extended arrangement under the Extended Fund Facility (EFF) for Barbados. The completion of the review allows the authorities to draw the equivalent of SDR 101 million (about US$139 million), bringing total disbursements to the equivalent of SDR 206 million (about US$283 million).
The four-year extended arrangement under the EFF was approved on October 1, 2018 (see Press Release No. 18/370). Including the augmentation approved by the Executive Board today, the extended arrangement is for an amount equivalent of SDR 274 million (about US$377 million).
Barbados continues its strong implementation of the comprehensive Economic Recovery and Transformation (BERT) plan aimed at restoring fiscal and debt sustainability and increasing reserves and growth. The ongoing global coronavirus pandemic poses a major challenge for the economy, which is heavily dependent on tourism and is expected to have a large impact on the balance of payments and the fiscal accounts.
Following the Executive Board discussion, Mr. Tao Zhang, Deputy Managing Director and Acting Chair said:
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