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Barbados has met its targets for the end of December 2024 under the International Monetary Fund’s Extended Fund Facility (EFF).
According to an IMF team led by Mission Chief for Barbados, Michael Perks, who concluded a visit to the island today, the country’s fiscal performance remains strong.
The primary balance reached 5.3% of GDP, keeping authorities on track to meet the 3.8% of GDP fiscal target for the 2024/2025 financial year.
Public debt declined to nearly 100% of GDP at the end of last year, while international reserves rose to $1.6 billion USD. The Barbados government remains committed to reducing public debt to 60% of the GDP by 2035/2036.
The IMF release also noted continued progress in structural reform efforts, supported by IMF technical assistance. These include strengthening customs administration, developing a framework for public-private partnerships, and improving central bank liquidity forecasting, among other initiatives.
The fifth and final review under the EFF and RSF is scheduled for May.
