IMF Approves $290M in Funding for Barbados with $49M Upfront

• The IMF in a release on Monday, October 1st announced their approval of a $290Mn extended fund facility for Barbados.
• Approval of the program allows for the immediate disbursement of about US$49 million with the remainder becoming available upon successful completion of 7 semi-annual reviews.
• Key element of the authorities’ home-grown economic reform program include an upfront fiscal adjustment, reform of state own enterprises and structural reforms to support growth.
• The IMF supported program aims to help Barbados: restore debt sustainability, strengthen the external position, and improve growth prospects.

Source: IMF