CBR
search
Economy

An aerial view of Bridgetown, the capital of Barbados (Photo: businessinsider.com)

Barbados seeks IMF funding to inject $150M to fight coronavirus

An aerial view of Bridgetown, the capital of Barbados (Photo: businessinsider.com)

The Mia Mottley government in Barbados may inject between $100 million and $150 million to fortify the economy against a potentially crippling blow from the coronavirus (Covid-19) pandemic.

A view of Bridgetown, the capital of Barbados

The need for this major spending on health, tourism and the wider economy is being discussed with the International Monetary Fund (IMF). It follows the Barbados Economic Team’s latest forecast that Covid-19’s fallout could result in an economic contraction ranging from 4.5 per cent to 8.5 per cent this year.

The authorities are basing their proposals on various estimates and assumptions, including the World Travel & Tourism Council’s projection that the deadly virus could reduce global travel by up to 25 per cent in 2020. Dr Kevin Greenidge, a senior economic adviser to Government, outlined the plans being considered in an assessment shared with the Barbados Nation newspaper.

Prime Minister of Barbados, Mia Mottley

Greenidge said Government “will need to respond to the pandemic by increasing health and infrastructure spending to prevent, detect, control, treat, and contain the virus, to provide basic services to people that have to be quarantined, as well as to aid the businesses affected”.

Ваrbаdоѕ bесamе thе lаtеѕt Саrіbbеаn соuntrу tо rероrt COVID-19 саѕеѕ when Міnіѕtеr оf Неаlth, Јеffrеу Воѕtіс, соnfіrmеd twо tоdау.

Веlіzе announced ѕеvеrаl countermеаѕurеѕ аt a јоіnt рrеѕѕ соnfеrеnсе уеѕtеrdау bу Рrіmе Міnіѕtеr Dеаn Ваrrоw аnd Opposition Lеаdеr Јоhn Вrісеñо.