The Mia Amor Mottley led Barbados government has once again staked its political future on the International Monetary Fund to finance its continued public sector restructuring exercise.
In a press conference yesterday, Prime Minister Mottley told Barbadians that Cabinet has signed off on a new Barbados Economic Recovery and Transformation (BERT) plan to be funded to the tune of 340 million US dollars by IMF if they agree.
“Cabinet has agreed to formally approach the IMF again asking for discussions and negotiations to resume. We have been of the view that the cheapest money in town is still at the IMF.
“It also unlocks other developmental funds that may be made available to us as a nation, for example at the Inter-American Development Bank (IDB).
“What is being asked of us does not vary far from our own Barbados Economic Recovery and Transformation (BERT) programme. We recognise how we need to hone what we are doing in the ability to recover from a COVID environment but at the same time to lay that platform for growth.”
Barbados entered an IMF programme in 2018 when the Barbados Labour Party won the May 2018 general elections. That first programme comes to an end at the end of September.
Following the press conference, the Prime Minister went on Twitter to further explain the government’s decision.
“Just moments ago, I announced Government’s decision to return to the IMF later this month, with the intent of starting a BERT 2022 programme. This decision has not been taken lightly, but this is being done to ensure Barbados can continue its trajectory of positive growth,” Mottley stated.
“In addition to providing further means to stabilise our country, this programme will unlock critically important funding, giving Barbados a boost on the great progress we have already made, despite the hardships brought about by global challenges.”
“Barbadians, these are indeed rough waters, but this is not a race for the swift, and I know we can and will endure, and at the same time create a better society for every Bajan to live in.”