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Barbados is set to receive another 56 million US dollars from the International Monetary Fund.
This follows yesterday’s conclusion of the Fourth Review under the Extended Fund Facility and the Resilience and Sustainability Facility.
A statement from the IMF says the country’s economic growth has remained robust in 2024, driven by strong tourism, business services, and construction.
Deputy Managing Director and Acting Chair of the IMF’s Executive Board, Bo Li, says although still high, public debt continues to decline.
Unemployment has also fallen and inflation has moderated.
Mr. Li notes important progress is being made on fiscal reforms, including improvements to public financial management. He also highlights the tabling of a new electricity supply bill, to enhance competition in the electricity market and encourage local participation in renewable energy investment.
While the outlook is positive, the IMF official says Barbados remains vulnerable to global shocks, climate change and natural disasters, as demonstrated by Hurricane Beryl.
