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Barbados has entered into a new precautionary standby agreement with the International Monetary Fund valued at 260 million US dollars.
The disclosure was made by the IMF’s Head of Mission to Barbados, Michael Perks, during a news conference at Ilaro Court this morning.
The IMF has been in Barbados over the last two weeks to undertake the Fund’s regular Article IV consultations and to discuss a new relationship with the country.
Mr Perks says Barbados enters the proposed precautionary standby arrangement from a position of strengthened macroeconomic credibility.
He stressed that Barbados does not currently have an actual balance of payments need, but explained that the arrangement is intended to provide support in the event of potential shocks over the next three years.
Prime Minister Mia Amor Mottley emphasised that the country is not entering another IMF programme, having exited the last arrangement last year.
However, she said Government is putting measures in place to ensure liquidity would be available if needed, stressing that the funds are not required at this time.
