The following is the latest IMF Update – Blogmaster
May 7, 2021 End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.
- IMF team reaches a staff level agreement with the Barbadian authorities on the fifth review of Barbados’ Economic Recovery and Transformation program (BERT) supported by the Extended Fund Facility.
- In this very challenging environment, Barbados continues to make good progress in implementing its ambitious and comprehensive economic reform program.
Washington, DC: At the request of the Government of Barbados, an International Monetary Fund (IMF) team led by Bert van Selm conducted a virtual mission between May 3-7, 2021 to discuss implementation of Barbados’ Economic Recovery and Transformation (BERT) plan, supported by the IMF under the Extended Fund Facility (EFF). To summarize the mission’s findings, Mr. van Selm made the following statement:
“Following productive discussions, the IMF team and the Barbadian authorities reached staff-level agreement on the completion of the fifth review under the EFF arrangement (Press Release 18/370). The agreement is subject to approval by the IMF Executive Board, which is expected to consider the review in June. Upon completion of the review, SDR 17 million (or about US$24 million) will be made available to Barbados.
“Barbados’ economy remains severely depressed by the ongoing global pandemic. Tourism came to a virtual standstill from April 2020 onwards and remains at a fraction of normal levels. Economic growth for 2021 is premised on a modest recovery of tourism in the second half of 2021. Risks remain elevated, including in light of the impact of recent volcanic activity in neighboring St Vincent.
“In this very challenging environment, Barbados continues to make good progress in implementing its ambitious and comprehensive economic reform program. A new central bank law was adopted by parliament in December 2020—a critical safeguard for continued prudent macroeconomic policy. International reserves, which reached a low of US$220 million (5-6 weeks of import coverage) in May 2018, are now at a comfortable level of US$1.3 billion. Quantitative targets for end-March under the EFF were met except for the performance criterion on central government transfers and grants to public institutions, which was exceeded owing to measures to address the COVID-19 health crisis (including the vaccination program executed by the national hospital).
“The Government of Barbados is targeting a zero percent of GDP primary balance for FY2021/22 (compared to a deficit of 1 percent of GDP in FY2020/21). This fiscal stance reflects a projected modest recovery in tourism and facilitates COVID-related emergency outlays on health facilities, medical supplies, and income support to the most vulnerable. The authorities’ long-term debt target of 60 percent of GDP will be pushed out by two years (from FY2033/34 to FY 2035/36) to reflect the impact of the pandemic on the economy; the authorities remain firmly committed to reducing public debt over time.
“The team would like to thank the authorities and the technical team for their openness and candid discussions.”
IMF Communications Department
MEDIA RELATIONS
PRESS OFFICER: David Sharrock
Phone: +1 202 623-7100Email: MEDIA@IMF.org
Rolling my eyes
U can have the last word
But look my crosses a simple assessment of a caller comment on a local.radio show has brought out anxiety in one of BU ” know it all” bloggers
Peace bro don’t ever say I gave u high blood pressure
The AG says the RBPF is doing a good job in tackling crime
Yuh wonder which rock he living under
Crime and violence has escalated in the past two years
Criminals are now longer afraid to commit crime wherever and whenever
Recently during broad daylight a person carried out fearlessly a criminal act where several people were injured
Have yet to hear the AG views on this kind of violence that creates terror
The AG got to be living in wonderland
@ David
I’ve just read COP Griffith may retire at month-end, after 46 years in the service.
We have to thank him for the dedication he gave to RBPF and wish him good health and all the joy and happiness retirement can bring.
@Artax
He appears to be a trooper. The blogmaster has a feeling we needed a more active COP in the period served but you cannot blame him entirely, he did not appoint himself.
@ David
I agree with you. Seems as though he was ‘marching time’ until retirement.
If we’re honest, we’ll acknowledge the fact Griffith’s appointment came at a time when the former administration used their goon, Guyson Mayers, to politicized the RBPF.
I’m sure you recall, for example, the Court case involving the ‘squashing’ of promotions, which is now set to be heard by the CCJ.
RBPF should be an independent organisation, free of political involvement by both the BLP and DLP…… or any other political administration.
@Artax
We have paid a sorry price. Do not forget the case pending re promotions.
@ David May 12, 2021 9:27 AM
It is recommended the post of CoP- in keeping with the current administration’s proposed policy on senior public sector jobs- be put up for tender on a 3 to 5 year renewable contract basis and applications for the job be open to ‘trained’ police officers from other regional and Commonwealth countries.
This might just be the panacea for the incestuously political disease ‘rumoured’ to be affecting that organization.
The re-branding of that ‘Force’ will involve a tidy sum of the recently borrowed IMF money along with a total makeover of the existing Constitutional arrangements governing its operational and reporting structures.
What do you think, Sir Blogmaster, KCMG?
@Jamal Miller
The post of COP{ is a critical one like that of the DPP, the blogmaster maybe sentimental but is of the view it should be homegrown.
@ David May 12, 2021 5:37 PM
Doesn’t the post of ‘Permanent’ Secretary carry similar ‘weight’; at least on the pay scale?
Should this post be also reserved for a “home-grown” politically-manipulated lackey?
How about that of Auditor General which carries similar insulation from political machinations as enshrined in the Constitution?
Aren’t the recommendations from that “apolitical” office treated like the barking of a toothless Bajan salmon tot retriever?
@Miller
The two positions are different based on blogmasters weighting. It is a subjective thing maybe.
Source: Nation
Source: Nation
Barbados Advocate
Source: Barbados Advocate
Another loan.
Source: Nation
Wonder how many small businesses can that 1 million help out of the economic doldrums
If what has been happening with the number of small business closures daily
It begs to ask how many business has this well intention plan helped in the past two years
The above analysis give sufficient food for thought sufficient and enough to ask govt what are govt plans to take favourable control of Barbados economy
First priority one of increasing employment levels
Right now the tax burden is back breaking barbadian households suffers in silence