IMF Managing Director Kristalina Georgieva welcomed the Prime Minister of Barbados Mia Mottley for a visit to the Fund’s headquarters Thursday (November 17) in Washington.
The two planned to discuss development and economic plans for the Caribbean island country and progress on the reform strategy that is part of the IMF’s program with Barbados.
The four-year Extended Fund Facility (EFF) arrangement amount equivalent to about US$289.41 million was approved by the Executive Board on October 1, 2018.
Barbados has embarked on a comprehensive Economic Recovery and Transformation (BERT) plan aimed at restoring fiscal and debt sustainability, addressing falling reserves, and increasing growth.
The program seeks to protect vulnerable groups through strengthened social safety nets.
Barbados just concluded hosting the 2019 Caribbean Forum on Regional Transformation in conjunction with the IMF and the Caribbean Development Bank.
It was the 9th annual meeting in the series and an important platform for brainstorming and collaborating with key stakeholders on the challenges facing the region and the possible solutions to address them.