Stabroek News Sunday
Barbados to get $48M more from IMF
(Barbados Nation) - The International Monetary Fund’s (IMF) executive board has given the green light for Barbados to immediately receive another $48 million, which would bring to $850 million the amount of IMF funding Government has received since 2018.
The approval, while announced on Thursday, was given on Wednesday as IMF directors concluded the 2021 Article IV Consultation and Sixth Review under the international financial institution Extended Arrangement for Barbados.
While giving Barbados a passing grade, the IMF’s deputy managing director and acting chair Bo Li said the country’s medium-term growth prospects “depend on accelerating structural reforms to improve the business climate, diversify the economy, and facilitate green and digital transformations”.
“Strengthening resilience to natural disasters and climate change, combined with an accelerated transition to renewable energy, is key to achieve more sustainable economic growth and reduce vulnerability to international oil price volatility,” he said.
“In this regard, the authorities’ ambitious target of reaching 100 per cent renewable energy by 2030 is commendable.”