Barbados:Fourth Review Under the Extended Arrangement, Requests for Augmentation of Access, and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Barbados

Fourth Review Under the Extended Arrangement, Requests for Augmentation of Access, and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Barbados
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Volume/Issue: Volume 2020 Issue 314
Publication date: December 2020
ISBN: 9781513563671
$18.00
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Banks and Banking , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Industries - Hospitality Travel and Tourism , ISCR , CR , Barbadian authorities , coronavirus pandemic , executive board discussion , transformation plan , debt sustainability risk , equivalent of SDR , COVID-19 , Fiscal stance , Central bank bills , Credit , Global , Caribbean

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Summary

Barbados has made good progress in implementing its Economic Recovery and Transformation (BERT) plan to restore fiscal and debt sustainability, rebuild reserves, and increase growth—but faces major challenges owing to the global coronavirus pandemic. Since May 2018, international reserves have increased from a low of US$220 million (5-6 weeks of import coverage) to more than US$1 billion at end-October 2020. This, and a successful 2018-19 public debt restructuring, have helped rebuild confidence in the country’s macroeconomic framework. While the local spread of COVID-19 has been successfully contained, allowing for a cautious reopening of the tourism sector in July, economic activity remains severely depressed owing to the global pandemic. Risks to the outlook remain elevated.