The IMF has concluded its September visit to Barbados

The IMF has concluded its September visit to Barbados

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.

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