Barbados cleared to receive another draw-down

Government is about to receive another US$56 million ($112 million ) from the International Monetary Fund (IMF).

The IMF’s executive board yesterday concluded the fourth reviews of the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF) arrangements with Barbados.

This clears the way for Barbados to immediately draw down US$19 million (BDS$38 million) under the EFF and US$37 million (BDS$74 million) under the RSF.

These latest borrowings will bring overall disbursements from the country’s current IMF programme to US$242 million (BDS$484 million) – US$93 million (BDS$186 million) from the EFF about US$149 million (BDS$298 million) via the RSF.

The IMF said that “all quantitative performance criteria and indicative targets set for the fourth review of the EFF were met”.

All structural benchmarks for the fourth review were also met “and the two RSF reform measures were implemented, supporting Government’s climate policy agenda,” it added.

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