IMF programme nears $1 billion

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Barbados is now in a near $1 billion International Monetary Fund (IMF) programme.

The IMF’s executive board yesterday gave the greenlight for Government to immediately get another $188 million. But in doing so, the international financial institution’s top brass also announced that at the end of this country’s four-year programme it would have $928 million in IMF loans.

Deputy managing director and acting chair Tao Zhang also said there was need to reducing funding to state-owned enterprises, implement pension reform and introduce a fiscal rule.

When the additional $188 million is deposited at the Central Bank it will bring Barbados’ IMF loans to $780 million since the Extended Fund Facility (EFF) deal was sealed in October 2018, IMF officials said.

When it signed the IMF agreement two years ago, the Mia Mottley administration entered a four-year arrangement with the expectation of receiving $580 million in funding. (SC)

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