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IMF approves final reviews of Barbados' Extended Fund and Resilience & Sustainability facilities

The International Monetary Fund recently approved the final reviews of Barbados' Extended Fund Facility and Resilience & Sustainability Facility. 
 
This resulted in the disbursement of US$19 million under the EFF and US$39 million under the RSF.
 
It brings the total disbursement under the EFF to US$116 million and US$193 million US under the RSF.
 
The Washington DC based IMF also lauded Barbados for successfully navigating its home-made Barbados Economic Recovery Transformation Plan. 
 
The Bajan economy grew by 4% last year, driven by tourism, construction, and BPO services. 
 
Inflation also fell to 1.4%; the current account deficit was 4.5% of GDP, while its gross reserves climbed to US$1.6 billion.
 
Its debt to GDP ratio was 105 per cent and the government says it will hit the 60 per cent target during the fiscal year 2035/2036. 
 
The primary surplus (the amount of money set aside to service the debt) was 4.5% of GDP.
 


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