Barbados is being held aloft as proof that the International Monetary Fund (IMF) is no longer the institution that pushes countries into economic reforms at the expense of pain and social dislocation.
This was made clear by managing director of the IMF, Kristalina Georgieva, who noted that unlike the tough structural adjustments of years gone by that gave little consideration to the social cost, Barbados had emerged from its four-year programme a stronger economy without sacrificing the most vulnerable.
“The Barbados programme here is very successful, and it is an example of agility and adaptability because of changing conditions. We not only made sure that we protect the most vulnerable people in society but also key objectives of the Government to bring forward development in the country,” said Georgieva, who was speaking at a press conference at the Lloyd Erskine Sandiford Centre at the conclusion of her four-day visit to Barbados.
She said the programme was quick to adjust to the exogenous shocks which Barbados faced during the period, ensuring that the economic reforms did not add greater hardship to citizens and residents. (CLM)
Subscribe now to our eNATION edition for the full story.