Barbados: Third Reviews Under the Arrangement Under the Extended Fund Facility, Arrangement Under the Resilience and Sustainability Facility, and Request for Modification of Performance Criteria-Press Release; and Staff Report

Barbados: Third Reviews Under the Arrangement Under the Extended Fund Facility, Arrangement Under the Resilience and Sustainability Facility, and Request for Modification of Performance Criteria-Press Release; and Staff Report
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Volume/Issue: Volume 2024 Issue 196
Publication date: June 2024
ISBN: 9798400281082
$20.00
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Exports and Imports , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , reform measure , RSF arrangement , climate-policy agenda , climate policy agenda , IMF's Extended Fund Facility , Policy discussion , Credit , Fiscal stance , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Global , Caribbean

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Summary

The authorities’ implementation of the home-grown Economic Recovery and Transformation (BERT 2022) plan and their ambitious climate policy agenda remain strong, supported by the IMF’s Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF). In 2023, the economy completed its recovery from the pandemic, growing by an estimated 4.4 percent, driven by a rebound in tourism and related sectors. Inflation moderated gradually with the easing of global commodity prices but remained somewhat elevated due to adverse weather conditions that affected some domestic crops, and stronger demand for tourism-related services. The external position also strengthened, with the current account deficit narrowing to 9 percent of GDP and ample international reserves (US$1.5 billion at end-2023) continuing to support the exchange rate peg. The authorities remain committed to maintaining fiscal consolidation and debt sustainability, while advancing structural reforms to achieve more inclusive and sustainable growth and increase resilience to climate change.