Against the backdrop of strong economic worry among Barbadians and a massive programme of public sector retrenchment that is currently in train, the executive board of the International Monetary Fund (IMF) met today to review the report of the recent Article 1V consultation on Barbados.
Up to the time of publication, a much anticipated release from the board, giving its assessment of the state of fiscal play on the island, was not forthcoming.
However, sources in Washington confirmed the meeting had in fact taken place, even though they could not offer any details on the talks. They could only say that the official communication would be issued within a few days.
At the conclusion of its Article IV consultation last December, the IMF had warned that the Barbados economy continues to face considerable economic challenges and that there was need for “urgent policy adjustments and deeper reforms over an extended period to restore fiscal and external sustainability”.
Since then, Government has announced plans to send home over 3,000 public servants by the end of March.