Government can now draw down US$76 million (BDS$152 million) from the International Monetary Fund (IMF) after the institution’s executive board gave the green light yesterday.
This follows the board’s agreement with the IMF Barbados staff mission that Barbados “continues to advance the implementation of its comprehensive economic reform programme and climate policy agenda”.
A statement said the executive board of the IMF concluded the Article IV consultation with Barbados and completed the second reviews of the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF) arrangements.
The completion of the reviews allows Government to immediately get about US$19 million (BDS$38 million) under the EFF and US$57 million (BDS$114 million) under the RSF. (SC)