Barbados PM Meets with IMF to Review Economic Progress
IMF Team Visits Barbados to Analyze Economic Performance
Barbados Prime Minister Mia Amor Mottley met with the International Monetary Fund (IMF) Mission Chief, Michael Perks, and his team from February 25 to 28 to review the country’s recent economic progress.
IMF Team Prepares for Final Review of Extended Fund Facility and Resilience and Sustainability Facility Programmes
The IMF team was in Barbados to prepare for the final review of the country’s Extended Fund Facility and Resilience and Sustainability Facility programmes.
Barbados Makes Strong Progress with Economic Reforms
Ms. Mottley, along with Finance Minister Ryan Straughn, Economic Affairs Minister Kay McConney, Central Bank Governor Dr. Kevin Greenidge, and other officials, heard from Mr. Perks that Barbados was making strong progress with its economic reforms.
Economic Targets Met for December 2024
According to Mr. Perks, Barbados had met its economic targets for December 2024. The country’s financial performance was strong, with the primary balance reaching 5.3% of GDP by the end of December. This meant Barbados was on track to meet its fiscal target of 3.8% of GDP for the 2024/25 financial year.
Structural Reforms Moving Forward
Mr. Perks also said that structural reforms were moving forward, helped by IMF technical support. Improvements included better customs operations, stronger public-private partnership rules, and better forecasting at the Central Bank. The government was also making progress on its final Resilience and Sustainability Facility reforms.
Government Efforts to Improve Social and Economic Conditions
Ms. Mottley gave an update on government efforts to improve social and economic conditions. These included education reforms, support for an ageing population, and plans to create senior citizen villages so elderly care could be managed within local communities.
Skills Shortages and Retraining of Finance Officers
She also spoke about the need to address skills shortages in key sectors and retrain finance officers in public service.
IMF Chief Praises Positive Economic Outlook
Mr. Perks praised Ms. Mottley’s team for the positive economic outlook, supported by growth in tourism, construction, and business services.
Warning on Economic Uncertainties
However, he warned that the government should strengthen its emergency plans to prepare for possible economic changes.
Conclusion
The meeting with the IMF team was a significant step towards reviewing Barbados’ economic progress and preparing for the final review of the Extended Fund Facility and Resilience and Sustainability Facility programmes.
FAQs
- When did the IMF team visit Barbados?
From February 25 to 28, 2024 - What was the purpose of the IMF team’s visit?
To review Barbados’ recent economic progress and prepare for the final review of the Extended Fund Facility and Resilience and Sustainability Facility programmes - What were the outcomes of the meeting?
Barbados made strong progress with its economic reforms, met its economic targets for December 2024, and is on track to meet its fiscal target for the 2024/25 financial year.
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