July 7, 2023
“Requests for Modification of Performance Criteria and Reform Measures, and Rephasing of Access Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Barbados”
After successfully weathering a series of shocks in recent years, the Barbadian economy is recovering strongly driven by a rebound in tourism and related activities. Public debt was brought back onto a downward trajectory and international reserves have risen to over 7 months of imports. The authorities are making good progress in implementing their updated Economic Recovery and Transformation (BERT) plan and their ambitious climate policy agenda. Following the completion of the 2018-22 Extended Fund Facility (EFF), a successor 36-month EFF arrangement along with a Resilience and Sustainability Facility (RSF) were approved in December 2022. The authorities are strongly committed to strengthen fiscal sustainability, advance structural reforms, and increase resilience to climate change and natural disasters.
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