Barbadian Government & IMF Team Discuss 7th EFF Review

• A visiting International Monetary Fund (IMF) team for the Seventh Extended Fund Facility (EFF) Review, has been assured that Government, despite battling the economic fall-out from COVID-19, had achieved several macro-economic benchmarks. 
• Acknowledging that adjustments had to be made to the EFF, due to the COVID-19 pandemic, Minister of Finance and Economic Affairs, Ryan Straughn, insisted that the Government was still “very committed to seeing the reform efforts through”. 
• Based on the agreed targets on both sides, Mr. Straughn said he is confident that as the pandemic and the crisis in Ukraine rage on, the execution of the government’s capital works programme and private sector investments coming on stream will provide a much needed boost to the economy. 
• The government is also seeking to find a solution to place the debt that has accumulated specifically for COVID-19 on a different trajectory. It is of the view that in order for the country to be able to respond to climate adaptations and other issues, it will need to ensure that the appropriate fiscal space is available so as not to inhibit the normal development trajectory of the country. 
• Mr. Van Selm, the IMF’s Mission Chief for Barbados, noted that with the global increases, especially in fuel prices, during the visit there would be discussions on the macro framework and what other policies would be put in place to shield the populace.

(Source: Barbados Government Information Service)