PM’s Special Envoy Says IMF Facility Would Be Used As Needed

• Barbados may be returning to the International Monetary Fund (IMF) to ask for assistance under one of its Precautionary fund facilities. Special Envoy to Prime Minister Mia Mottley on Investment and Financial Services Professor, Avinash Persaud, said the Government is looking to embrace as many life-saving safety nets against unexpected global health, economic, and natural disaster shocks as possible. 
• While not identifying a specific precautionary facility at this stage, Professor Persaud said that Government was considering the range of precautionary funds available within the IMF. He pointed out that the chosen one would add to an existing Bajan-styled safety net for debt relief, which Barbados is trying to convince the major countries to support. Additionally, the country has expressed interest in applying to the IMF for a precautionary fund to act as a buffer in the event the government needs to tap it for assistance. 
• Moreover, with the ongoing pandemic, the war on Ukraine, and effects of climate change, Professor Persaud argued that the more safety nets, emergency facilities and war chests available to the country, the better the Government can protect Barbadians and by extent, the economy.

 

(Source: Barbados Today)