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International Monetary Fund. Western Hemisphere Dept.

1. Barbados has made good progress in implementing its Economic Recovery and Transformation (BERT) plan supported by a 2018-22 Extended Fund Facility (EFF). Macroeconomic stability was restored with a combination of a comprehensive sovereign debt restructuring, fiscal consolidation, and structural reforms to reduce fiscal dominance and enhance growth potential. International reserves have increased to US$1.4 billion by end-September 2022 from a historical low of US$220 million in 2018. While fiscal consolidation was interrupted by the COVID-19 pandemic, public debt was put back on a clear downward trajectory starting in FY2021/22. Under the EFF, seven reviews were successfully completed in a timely manner, despite a series of severe economic shocks, including not only the pandemic but also ashfall from neighboring Saint Vincent in April 2021, and Hurricane Elsa in July 2021.