Barbados Receives $280 Million From IMF

Prime Minister Mia Amor Mottley has announced that the Executive Board of the International Monetary Fund has approved about BDS $280 million in support, and the money should be in Barbados’ account by this afternoon or tomorrow morning.

This is the fourth IMF disbursement in support of the Extended Fund Facility Programme.

Mottley made this disclosure today while addressing a group of public officers and employees of the state-owned enterprises, at the Wildey Gymnasium, to discuss the Barbados Optional Saving Scheme (BOSS).

The Prime Minister later told the media that the BDS$280 million included BDS$180 million, which would assist the country to get through the situation brought about by the COVID-19 pandemic, and BDS$98 million to allow for the usual programme disbursement going forward.

She continued: “This [IMF] Board approval shows that we were on track with our programme…, and more importantly, our plans for how we intend to get out of COVID-19 have been accepted by the Fund and hence, that separate support of US$90 million….

“We are happy with the fact that the approval by the Board would have confirmed that up until March, we were on target with all of what we said we would do…. They are also looking at what we do going forward with COVID-19, and quite frankly, even though we are very much in an uncertain environment, we have set out a broad framework of measures that we believe are the start, even if not the end, because we don’t know what else COVID-19 has to offer as we go forward.”

Mottley said the money from the IMF would give Government a sense of comfort and provide the needed assistance to protect the country going forward.

“Even though we are definitely not out of the woods, we are on the right path and we need to stay focused and do what we have to do,” she stressed.