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There is no reason for Barbadians to be alarmed by the announcement from Prime Minister Mia Amor Mottley that the country has entered into a precautionary standby arrangement with the International Monetary Fund.
That assurance has come from Executive Director of the Barbados Consumer Empowerment Network, Maureen Holder.
Yesterday, Prime Minister Mottley announced that Barbados would enter into the arrangement with the IMF for US$260 million over the next three years, with the funds only to be accessed if needed.
Ms Holder said the arrangement should be viewed as a stabilising tool, typically used to support countries seeking to maintain fiscal and economic discipline.
She also noted that during this year’s Budgetary Proposals and Financial Statement, Government introduced measures intended to cushion the impact of the ongoing global crisis linked to the war.
However, she pointed out that the timeline on those measures is expected to expire shortly.
