- On December 15,the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Barbados. At the same meeting, the Board also completed the sixth review of Barbados’ economic reform program supported by an arrangement under the Extended Fund Facility (EFF).
- The completion of the review allows the Barbadian authorities to draw the equivalent of SDR 17 million (about US$24 million), bringing total disbursements to the equivalent of SDR 305 million (about US$425 million). The four-year extended arrangement under the EFF was approved on October 1, 2018, and is for an amount equivalent to SDR 322 million (about US$465 million).
- Barbados continues its implementation of the comprehensive Economic Recovery and Transformation (BERT) plan aimed at restoring fiscal sustainability, increasing reserves, and unlocking growth potential through structural reforms.
- The prolonged global coronavirus pandemic, along with the twin natural disaster shocks of volcanic ashfalls from neighboring St. Vincent in April and category 1 hurricane Elsa in July, have added to the challenges faced by the tourism-dependent economy. Reform efforts include enhancing adaptation measures towards increasing vulnerabilities emanating from climate change and natural disasters.