Caribbean News
Barbados to Raise $340M; Mottley’s strategy to unlocking more funds for the Republic
By Sherrica Thompson
Staff Writer
#Barbados, September 18, 2022 – The Barbadian government will be entering into another International Monetary Fund (IMF) programme to raise US$340 million in financial assistance.
In making the announcement on Friday, Prime Minister Mia Mottley indicated that she has signed a letter to IMF
The island’s current arrangement with the IMF – a US$290 million Extended Fund Facility (EFF), which supports the Barbados Economic Recovery and Transformation (BERT) plan – ends September 30.
Mottley said a new EFF will allow the government access to US$130 million and will also unlock access to a new funding facility that the IMF has recently established.
“I am referring to the Resilience & Sustainability Trust, which will make available to us another 150% of quota and probably in the vicinity of US$200 million to US$210 million on top of the US$130 million that we hope to negotiate.”
She said the government will be seeking to negotiate a three-year and not a four-year agreement.