Stabroek News Sunday

Barbados to get $48M more from IMF

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(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.”

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