IMF Office in Barbados

Resident Representative for Barbados

Patrick Blagrave

Resident Representative

Office Information

2nd Floor Tom Adams Financial Centre, Central Bank of Barbados
Spry Street, Bridgetown

Email: WHDRR-BRB@imf.org
Tel: +1 (246) 537-2873

Patrick Blagrave, Resident Representative: Mr. Patrick Blagrave most recently spent three years as the Macroeconomics Advisor at the IMF’s Caribbean Regional Technical Assistance Center (CARTAC), working with countries throughout the region building capacity to conduct macroeconomic analysis and forecasting. A Canadian national, Mr. Blagrave’s career began at the Bank of Canada in 2006, and he later moved to the IMF in 2010. During his career, he has conducted research and published numerous papers, including on macroeconomic modeling, forecasting, and risk analysis; inflation determinants; cross-country spillover analysis; and the macroeconomic effects of structural reforms. During his time at IMF Headquarters (HQ) in Washington, DC, he contributed regularly to the flagship World Economic Outlook publication, including co-authoring three analytical chapters. Prior to moving to CARTAC in 2020, he was the senior desk economist for the IMF’s India and Nepal country teams, where he played a lead role in conducting annual Article IV consultations, and liaising with country authorities on fiscal, real, and monetary-sector issues. He holds a First-Class Honors BA in Economics from Mount Allison University, and a Master’s Degree in Economics from Queen’s University.
Laron Alleyne, Local Economist: Laron Alleyne graduated with Upper Second Class Honours in Economics and Management at The University of the West Indies Cave Hill Campus, before pursuing a Master of Science degree in Financial and Business Economics at the University of The West Indies Cave Hill Campus Graduate Studies and Research. He is currently pursuing a doctorate in Economics, at the University of the West Indies, Cave Hill Campus, focusing on tourism sustainability. His work experience spans nine years in the Research and Economic Analysis Department of the Central Bank of Barbados, during which time he was promoted to the position of Senior Economist. His research portfolio includes investigations on the optimal energy mix for Barbados, the pass-through of international food and energy prices into domestic inflation and an overview of global competitive trends for Barbados. Most recently, he has pursued research on the impact of real effective exchange rates on tourism demand and estimating the impact of climate change on agriculture production.
Amy Carrington, Office Manager: Amy Carrington, a Barbadian national joined the IMF RRO for Barbados as Office Manager on its inauguration in August 2019. Prior to joining the team, she worked for the United States government for a period of 8 years providing assistance to countries in the Eastern Caribbean through the Centers For Disease Control (CDC), Presidents Emergency Plan for AIDS Relief (PEPFAR) program and subsequently with the United States Agency for International Development (USAID), which supported youth development, juvenile justice reform, HIV AIDS, and general development programs in Barbados and the Eastern Caribbean. She also served as the Trafficking in Persons Coordinator for the agency. Amy is a management graduate with experience in operations management, financial administration, procurement and logistics functions. She's a skilled organizer and communicator with extensive experience in office management. Amy is responsible for the day to day management and operations of the RRO. She is highly competent, proficient with time management, organizational and problem-solving skills, whilst placing high emphasis on teamwork. With extensive travel experience and love for exploring different cultures, Amy is passionate about the tourism industry. This passion has led her to pursue her studies in this area where she achieved an Associate Degree in Tourism and Travel and a BSc Hons in Management specializing in Tourism and Hospitality Management, from the University of the West Indies.
Willie Parris, Office Driver: Mr. Willie Parris joined IMF Resident Representative Barbados Office as a Senior Driver on January13th 2020. Under the supervision of the Resident Representative and the Office Manager, Mr. Parris performs official driver duties and assist with general administrative tasks. Prior to joining the IMF Resident Representative Office for Barbados, Mr. Parris a national of Barbados spent almost three decades with the Organization of American States (OAS) as Office Driver/Messenger. Mr. Parris is an electrician by trade and has achieved certification in Computer Repairs & Maintenance.

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This web page provides information on the activities of the Office, views of the IMF staff, and the relations between Barbados and the IMF. Additional information can be found on Barbados and IMF country page, including official IMF reports and Executive Board documents in English that deal with Barbados.

Barbados and the IMF Country Page

Barbados: At a Glance
Office Activities

IMF's Work on Barbados
Regional Economic Outlook

Barbados: At a Glance

Current IMF membership: 191 countries
Barbados joined the Fund on December 29, 1970
Quota: SDR 94.5 million (0.02 percent of total)
Number of arrangements since membership: 3
Outstanding Purchases and Loans (SDR): 206 million (September 24, 2020)
Latest Article IV/Country Report: December 18, 2019
Current IMF arrangement: Latest Report: June 8, 2020

Office Activities

What we do
Opened in 2019, the IMF office in Barbados is a central point of contact between with the IMF and the Government of Barbados with a primary focus to support the implementation of Barbados’ Economic Reform and Transformation (BERT) priorities set forth in the Fund’s Extended Arrangement under the Extended Fund Facility (EFF) for Barbados. In that capacity, the office follows economic developments and policies in Barbados, liaises between the Barbadian authorities and IMF staff in Washington, and coordinates IMF technical assistance. It is also a source of information about IMF views for the public, local and foreign analysts, investors, academic and research institutions, and Barbados’ international partners and their diplomatic missions.

IMF's Work on Barbados

IMF Reaches Staff-Level Agreement with Barbados on the Fourth Reviews Under the Extended Fund Facility and the Resilience and Sustainability Facility

November 6, 2024

At the request of the Government of Barbados, an International Monetary Fund (IMF) team led by Michael Perks visited Barbados between October 31 and November 6 to discuss the implementation of Barbados’ Economic Recovery and Transformation (BERT 2022) plan, supported by the IMF under the Extended Fund Facility (EFF) and the implementation of reform measures under the Resilience and Sustainability Facility (RSF) arrangement.
IMF Today

October 19, 2024
The President of the IDB and the Managing Director of the IMF Outline Enhanced Partnership to Better Support Latin American and Caribbean Countries

July 22, 2024

The President of the IDB and the Managing Director of the IMF Outline Enhanced Partnership to Better Support Latin American and Caribbean Countries
Barbados: IMF Executive Board Concludes the Third Reviews Under the Extended Fund Facility and the Resilience and Sustainability Facility

June 28, 2024

The Executive Board of the International Monetary Fund (IMF) concluded the Third Reviews of the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF) arrangements with Barbados on a lapse-of-time basis
Barbados: Third Reviews Under the Arrangement Under the Extended Fund Facility, Arrangement Under the Resilience and Sustainability Facility, and Request for Modification of Performance Criteria-Press Release; and Staff Report

June 28, 2024

Series:Country Report No. 2024/196

Regional Economic Outlook

Western Hemisphere

Regional Economic Outlook

October 2024

After successfully weathering a series of shocks, most countries in the region are converging to their (tepid) potential. Growth is expected to moderate in late 2024 and 2025 while inflation is projected to continue easing, although gradually.

With output and inflation gaps mostly closed but monetary policy still contractionary and public finances in need of strengthening, a further rebalancing of the policy mix is necessary. Fiscal consolidation should advance without delay to rebuild buffers while protecting priority public investment and social spending. This would support the normalization of monetary policy and strengthen credibility and resilience of policy frameworks.

Most central banks are well placed to proceed with monetary easing, striking a balance between fending off the risk of reemerging price pressures and avoiding an undue economic contraction.

Medium-term growth is expected to remain close to its low historical average, reflecting long-standing, unresolved challenges—including low investment and productivity growth—and shifting demographics. Worrisomely, the ongoing reform agenda is noticeably thin and could lead to a vicious circle of low growth, social discontent, and populist policies. Avoiding this requires pressing on with reforms. Improving governance—by strengthening the rule of law, enhancing government effectiveness, and tackling crime—is a priority that cuts across all areas of growth. Boosting capital accumulation requires improving the business environment, fostering competition, and increasing international trade. Greater and more effective public investment is also needed. Maintaining a dynamic labor force and increasing productivity requires tackling informality and making formal labor markets more flexible, including to adapt to new technologies. Increasing female labor participation can help boost the labor force and offset demographic shifts.

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