IMF Staff Country Reports

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

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Format: Chicago

International Monetary Fund. Western Hemisphere Dept. "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", IMF Staff Country Reports 2024, 196 (2024), accessed December 22, 2024, https://doi.org/10.5089/9798400281082.002

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Summary

This paper presents Barbados’ Third Reviews under the Extended Arrangement under the Extended Fund Facility, Arrangement under the Resilience and Sustainability Facility, and Request for Modification of Performance Criteria. Barbados’ economy has recovered to pre-pandemic levels and the external position has improved. Inflation moderated gradually with the easing of global commodity prices but remained somewhat elevated due to adverse weather conditions that affected some domestic crops, and stronger demand for tourism-related services. Gross domestic product growth is expected to remain strong in 2024, driven by dynamism in tourism and related sectors. Implementation of the home-grown Barbados Economic Recovery and Transformation plan and the ambitious climate policy agenda continues to be strong. The authorities have completed both reform measures for this RSF review. In March, the government tabled a Stormwater Management Act, replacing the existing Prevention of Floods Act. Meanwhile, Cabinet approved the Energy Efficiency and Conservation Policy Framework to reduce energy use of all government agencies and develop efficient public lighting.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Credit, Crime, External debt, Fiscal policy, Fiscal stance, Money, Public debt

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Caribbean, Climate policy agenda, Climate-policy agenda, Credit, Fiscal stance, Global, IMF's Extended Fund Facility, Policy discussion, Reform measure, RSF arrangement

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