Barbados continues to make good progress in implementing its ambitious and comprehensive economic reform programme, says a team from the International Monetary Fund (IMF) at the conclusion of a four-day visit yesterday.
The visit was to discuss the implementation of Barbados’ Economic Recovery and Transformation (BERT) plan, supported by the IMF under the Extended Fund Facility (EFF).
In a statement yesterday, team leader Bert van Selm outlined their findings.
“Barbados continues to make good progress in implementing its ambitious and comprehensive economic reform programme. All indicative targets for end-June under the EFF have been met,” he said.
“The target for the Government’s primary surplus was met with a wide margin, with the Government running a primary surplus of two and a half percent of (annual) GDP in the first quarter of the financial year (FY) 2019/20.
“This bodes well for achieving the Government’s primary surplus target of six percent of GDP for FY2019/20. International reserves were also well over programme targets at end-June.
“Good progress has been made in implementing end-June and July 2019 structural benchmarks under the EFF.
“The authorities have completed a review of the tax system and the Governor-General has proclaimed the recently enacted Financial Management and Audit Act.
The IMF will next visit Barbados in November.