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Prime Minister of Barbados Mia Mottley (Photo: Barbados Advocate)

PM Mottley welcomes IMF disbursement

Prime Minister of Barbados Mia Mottley (Photo: Barbados Advocate)

Prime Minister of Barbados Mia Mottley has welcomed the International Monetary Fund’s disbursement of BD$280 million (US$139 million), the fourth in its support of the Caribbean country’s Extended Fund Facility Programme.

She made the announcement yesterday, June 3, while at the Wildey Gymnasium discussing the Barbados Optional Saving Scheme (BOSS).

The International Monetary has disbursed BD$280 million to Barbados to support the country’s Extended Fund Facility Programme. (File photo)

During her presentation, the prime minister disclosed that her Government will allocate BD$180 million to help the country get through the coronavirus (COVID-19) pandemic. In addition, BDS$98 million will allow for the usual programme disbursement going forward.

“This [IMF] Board approval shows that we were on track with our programme…and, more importantly, our plans for how we intend to get out of COVID-19 have been accepted by the fund and hence, that separate support of US$90 million… ” Mottley reasoned.

“Even though we are definitely not out of the woods, we are on the right path and we need to stay focused and do what we have to do.”

— Prime Minister of Barbados Mia Mottley

“We are happy with the fact that the approval by the board would have confirmed that up until March, we were on target with all of what we said we would do…. They are also looking at what we do going forward with COVID-19 and, quite frankly, even though we are very much in an uncertain environment, we have set out a broad framework of measures that we believe are the start, even if not the end, because we don’t know what else COVID-19 has to offer as we go forward,” she continued.

Mottley said, in addition, that the disbursement from the IMF offers the Government a sense of security and provides the needed assistance to protect the country going forward.

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

“Even though we are definitely not out of the woods, we are on the right path and we need to stay focused and do what we have to do,” she emphasised.