IMF Executive Board concludes the third review under the IMF’s Extended Arrangement under the Extended Fund Facility for Barbados

• The Executive Board of IMF concluded the third review of the IMF’s extended arrangement under the Extended Fund Facility (EFF) for Barbados. The completion of the review allows the authorities to draw about US$139 million.
• Program implementation is strong, with all performance criteria for end-March met.
• The economy faces a major challenge owing to the global coronavirus pandemic. Access under the extended arrangement has been augmented by about US$91 million (70 percent of Barbados’ quota in the IMF) to help accommodate the shock.
• Since May 2018, international reserves have increased from a low of US$220 million to more than US$850 million at end-April 2020.

(Source: IMF)