The Executive Board of the International Monetary Fund (IMF) yesterday announced that it has approved the staff-level agreement on an Extended Fund Facility (EFF), which will give Barbados access to about US $290 million, over the next four years.

The Washington-based financial institution said that the programme will help Barbados restore debt sustainability, strengthen the external position, and improve growth prospects.

It said that the approval of the EFF makes Barbados eligible to receive US$49 million in assistance immediately and that a comprehensive debt restructuring will complement the fiscal consolidation.

According to Barbados Today online news, the IMF said that the new Mia Amor Mottley government has identified parameters that would provide debt relief without jeopardizing financial stability.

The IMF said that the remainder of the funds will become available once the island successful completes the seven semi-annual reviews.

Taiwan National Day Celebration

LEAVE A REPLY

Please enter your comment!
Please enter your name here