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Friday, July 19, 2024
HomeBusinessLoans approved for Barbados from two IMF facilities

Loans approved for Barbados from two IMF facilities


by Dawne Parris (Barbados Today) Barbados is set to receive US$302 million in support from the International Monetary Fund (IMF) as it officially becomes one of the first countries in the world to receive funding from the institution’s new loan facility.

The IMF announced in a statement on Wednesday that its executive board had approved US$189 million under the Resilience and Sustainability Fund (RSF) along with US$113 million under a 36-month Extended Fund Facility (EFF) that will, among other things, support Government’s second Barbados Economic Recovery Transformation (BERT 2022) programme.

The Washington-headquartered financial institution said the loan package was being provided to maintain and strengthen macroeconomic stability, support the structural reform agenda, and increase resilience to climate change.

Barbados had in September become the first country to reach a staff-level agreement to access the RSF which was set up by the IMF in April, but Costa Rica last month was the first to actually receive a loan from the facility.

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