BRIDGETOWN, Barbados, CMC – The Worldwide Financial Fund (IMF) says financial exercise in Barbados continued to recuperate strongly in 2023, pushed by tourism and associated sectors.
In an announcement on the finish of a four-day mission to Barbados to evaluate current financial developments and reform efforts, the IMF delegation headed by Michael Perks stated actual home progress (GDP) expanded by an estimated 4.4 %, reaching its pre-pandemic stage.
“Annual inflation remained broadly steady, regardless of easing worldwide meals costs as a result of adversarial climate circumstances lowered the availability of sure crops and better costs of eating and different items and providers. The present account deficit is estimated to have narrowed to eight % of GDP from 10.7 % in 2022,” stated Perks, whose mission was additionally meant to arrange the bottom for the third evaluate of the Prolonged Fund Facility (EFF) / Resilience and Sustainability Facility (RSF) packages.
Perks stated the Barbadian authorities proceed making substantial progress in implementing their bold financial reform program. He stated indicative targets for end-December 2023 underneath the EFF had been met, and worldwide reserves rose to US$1.5 billion, equal to 7.3 months of imports.
The IMF official stated fiscal stable efficiency via the primary three quarters of the monetary yr 2023/24 bodes effectively for assembly the three.4 % of GDP main steadiness goal for the complete fiscal yr. Preparation of a price range for monetary yr 024/25 is effectively underway.
“Vital steps are being taken to advance the structural reform agenda. Finish-December structural benchmarks aimed on the reform of state-owned enterprises have been applied.
“Work can be underway on reforms to strengthen tax administration, public monetary administration, and the enterprise atmosphere whereas additionally constructing resilience to local weather change underneath the RSF.”
Perks stated that the numerous progress made in strengthening the anti-money laundering and combating the financing of terrorism (AML/CFT) framework has enabled Barbados to exit the Monetary Motion Activity Power gray checklist.
“The staff is trying ahead to conducting discussions for the third evaluate underneath the EFF and RSF in Might and want to thank the authorities and their technical staff for his or her hospitality, openness, and candid discussions,” he added.
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