Barbados seeking US$340M from the IMF

Barbadian Prime Minister Mia Mottley said on Friday that government will enter another International Monetary Fund (IMF) programme in an effort to raise US$340 million in financial assistance.

In making the announcement at a news conference, PM Mottley also indicated that she has signed a letter to IMF Managing Director Kristalina Georgieva asking for “discussions and negotiations” to resume. The island’s
current arrangement with the IMF – a US$290 million Extended Fund Facility (EFF), which supports the Barbados Economic Recovery and Transformation (BERT) plan – ends September 30. Mottley said a new EFF will allow the government access to US$130 million and will also unlock
access to a new funding facility that the IMF has recently established.

“I am referring to the Resilience & Sustainability Trust, which will make available to us another 150% of quota and probably in the vicinity of US$200 million to US$210 million on top of the US$130 million that we hope to negotiate.” She said the government will be seeking to negotiate a three-year and not a four-year agreement.

Extract from the CARICOM BUSINESS Newsletter, Vol 5. No. 37

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Source: CARICOM TODAY