Barbados is set to receive 56 million US dollars in support from the International Monetary Fund.
The announcement comes at the end of a visit to the island during May 13 to 21, by an IMF team led by Michael Perks.
The team reached a staff-level agreement with Barbadian authorities on the completion of the third review of the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF) arrangement.
It has been determined that the island’s economy has recovered to pre-pandemic levels, with 12 consecutive quarters of growth, driven by a rebound in tourism and related sectors.
Mr. Perks says a successful review will trigger US$19 million of funding under the EFF arrangement and US$37 million under the RSF.
The IMF’s Executive Board is expected to consider both reviews in June.
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