Barbados – To apply for an IMF loan
BRIDGETOWN, Barbados – Barbados Prime Minister Mia Motley announced on Friday that the country will seek a new loan deal with the International Monetary Fund (IMF) this month, telling Barbadians “these are indeed rough waters “.
In 2018, the Washington-based financial institution approved an expanded US$290 million Expanded Financing Facility (EFF) deal for Barbados, noting that the program was aimed at helping the island restore debt sustainability, strengthen the external position and improve growth. prospects.
Mottley, speaking at a press conference in Barbados, said his government had decided to return to the IMF later this month “with the intention of launching a BERT (Barbados Economic Recovery and Transformation) program 2022.
“This decision was not taken lightly, but it is done to ensure that Barbados can continue on its positive growth trajectory,” she said.
“In addition to providing additional means to stabilize our country, this program will unlock critically important funding, giving Barbados a boost on the great progress we have already made, despite the difficulties caused by global challenges. “, Mottley said.
She told Barbadians “these are indeed rough waters but this is not a race for the fast and I know we can and will endure and at the same time create a better society for every Bajan”. (CMC)