Barbados to lean on IMF if necessary

Barbados on Thursday concluded a three year standby precautionary agreement with the International Monetary Fund (IMF) for US$260 million as insurance in case the country needs it to respond to external economic shocks. 

However, Prime Minister Mia Mottley has given the assurance that the country does not need any of the money now. 

Speaking on Thursday at a news conference at Illaro Court after sealing the staff agreement with the visiting IMF team, Mottley said it was necessary to put an agreement in place in light of the uncertainty in the world, and the possibility that sudden adversity could adversely impact this country’s way of life.

She revealed that a phone call to the fund was all that was required to draw down some or all of the money. 

Here, Prime Minister Mottley chats with IMF mission chief Michael Perks (left), while Economic Affairs Minister Marsha Caddle and Central Bank Governor Dr Kevin Greenidge listen in.