IMF Gives Green Light to BERT BUT…
The blogmaster must be honest and admit that the reform and structural changes required to transform the Barbados economy and society will have its negative impact. No austerity program can be rolled out without negatively affecting people. Unless one is rabidly partisan or dishonest it is obvious the work rate of the BLP government is much higher than that of the Stuart led government. The IMF has given the thumbs up to targets met under the BERT plan. We look forward to the plans to encourage investment to fuel growth.
What the blogmaster will not ignore are decisions that expose the government as engaging in more of the same. A comment posted on another blog by SSS sums it up beautifully.
We know the IMF calling the shots. I have no problem with her BERT plan or the fact that restructuring is necessary. I got a serious issue with her laying off people, and hiring her people; ensuring that her father gets a special gift from her in the form of a Knighthood so he can strut his stuff through immigration officials without check because he is no longer to function as an ordinary citizen;how she did not do enough to ensure the layoff process was fair; how she proposing wire tapping and ensuring that another one of her loyals, Dottin, is not too far from her side when she brings it into fruition. I got a serious problem with the transparency she has shown in writing off tax defaulters millions owed. I want her to publish the names because if you forgiving them and they already sleeping better, you should not have a problem publish names of those who benefited under her tax amnesty – Sunshine Sunny Sunshine (SSS)
IMF Staff Concludes Visit to Barbados
February 12, 2019
- Barbados continues to make good progress in implementing its ambitious and comprehensive economic reform program.
- All indicative targets for end-December under the EFF have been met.
- Two key pieces of legislation—the Public Financial Management Act, and the Town and Country Planning Act—were adopted in early 2019.
At the request of the Government of Barbados, an International Monetary Fund (IMF) team led by Bert van Selm visited Bridgetown from February 5–8, to discuss implementation of Barbados’ Economic Recovery and Transformation (BERT) plan, supported by the IMF under the Extended Fund Facility (EFF). A concluding meeting was held with Prime Minister Mottley in Washington D.C on February 11, 2019. To summarize the mission’s findings, Mr. van Selm made the following statement:
“Barbados continues to make good progress in implementing its ambitious and comprehensive economic reform program.
“All indicative targets for end-December under the EFF have been met. The program target for Net International Reserves was met by a wide margin, as was the target for the Central Bank of Barbados’ Net Domestic Assets (NDA). The target for the primary surplus for end-December 2018 was also met by a wide margin.
“Good progress has been made in implementing end-December 2018 structural benchmarks under the EFF. Two key pieces of legislation—the Public Financial Management Act, and the Town and Country Planning Act—were adopted in early 2019.
“Preparation of the budget for FY2019/20 targeting a primary surplus of 6 percent of GDP is well underway. Full year effects of reforms set in motion during the current (2018/19) fiscal year, including the introduction of several new taxes and ongoing streamlining of public sector work force at state-owned enterprises, should help achieve this target. A detailed assessment of the budget will be made when it is finalized.
“Progress being made by the authorities in furthering good-faith discussions with external creditors is welcome. Continuing open dialogue and sharing of information will remain important in concluding an orderly debt restructuring process.
“The team is looking forward to return to Barbados in May to conduct the discussions for the first review under the EFF and would like to thank the authorities and the technical team for their openness and candid discussions.”
IMF Communications Department
PRESS OFFICER: Randa Elnagar
Phone: +1 202 623-7100Email: MEDIA@IMF.org