After a lengthy and at times heated debate, the Appropriation Bill was passed in Parliament Wednesday night.
Fifteen members of Parliament voted in favour and twelve against.
Earlier, Prime Minister Freundel Stuart in his contribution labelled as a scare tactic, the bandying of the word devaluation in some quarters.
He told Parliament he spelt out the government's position on the matter at a recent meeting of the Barbados Chamber of Commerce and Industry.
The Prime Minister criticised the opposition Barbados Labour Party telling its parliamentarians that the island is not cordoned off from what's happening across the globe.
He says his administration has been investing in the future of Barbados noting that this is evident in the expenditure to sectors such as education, the environment, tourism and others.
Mr Stuart says government has been working to reduce the deficit.