Barbados Seeking US$340M From The IMF  

 

• Barbadian Prime Minister Mia Mottley said on Friday that her government will enter another International Monetary Fund (IMF) programme to raise US$340 million in financial assistance.
• PM Mottley also indicated that she has signed a letter to IMF Managing Director Kristalina Georgieva asking for “discussions and negotiations” to resume.
• The island’s current arrangement with the IMF – a US$290 million Extended Fund Facility (EFF), which supports the Barbados Economic Recovery and Transformation (BERT) plan – ends September 30.
• Mottley noted that a new EFF will allow the government access to US$130 million and will also unlock access to a new funding facility that the IMF has recently established.
• “I am referring to the Resilience & Sustainability Trust, which will make available to us another 150% of quota and probably in the vicinity of US$200 million to US$210 million on top of the US$130 million that we hope to negotiate.” She said the government will be seeking to negotiate a three-year agreement.

(Source: CARICOM TODAY)