Barbados has reached a staff level agreement with the IMF to access US $290 million dollars.
This announcement came at a news conference from Prime Minister Mia Amor Mottley.
Ms Mottley has told reporters that the accord was reached in record time, a mere three months after her administration came to power on May 24th.
It is hoped that the board of the IMF will meet in October to give approval to the agreement which will see Barbados accessing US$49 million dollars from the fund.
It's also hoped that this accord will give Barbados access to millions in financing from the Inter-American Development Bank, the CDB and other multi-lateral agencies.
Ms Mottley has also announced that Barbados has launched its debt exchange programme, which is giving creditors until September 28th to accept the terms and conditions of the programme.