Barbados seeking US$340M from the IMF – CARICOM Business

Prime Minister of Barbados, the Hon. Mia Mottley

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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