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International Monetary Fund. Western Hemisphere Dept.

a wide margin. Bondholder meetings held in late November passed extraordinary resolutions so that 100 percent of debt instruments were exchanged for the new external debt instrument. On December 11, the Barbadian authorities issued a press release to announce the settlement of the debt exchange. On the same day, and in response to the completion of the debt exchange, Standard and Poor’s upgraded Barbados’ foreign currency sovereign credit rating from Selective Default to B-.

International Monetary Fund. Western Hemisphere Dept.
This paper presents 2019 Article IV Consultation with Barbados and its Second Review Under the Extended Arrangement, Request for Completion of the Financing Assurances Review, and Modification of Performance Criteria. The Article IV discussions focused on fiscal adjustment, medium-term growth and resilience to climate change and natural disasters. The Barbadian authorities continue to make good progress in implementing the comprehensive Economic Recovery and Transformation (BERT) plan aimed at restoring fiscal and debt sustainability, rebuilding reserves, and increasing growth. All program targets for end-June and end-September 2019 have been met. All three structural benchmarks for the second review have also been met. The authorities have continued the reform of state-owned enterprises (SOEs) by completing a review of tariffs and fees charged by SOEs, tightening reporting requirements, and reducing costs. The authorities reached agreement with the External Creditor Committee on a restructuring of external debt to private creditors in October 2019 and launched a debt exchange offer in early November. The IMF Staff proposes modification of the performance criteria relating to the primary balance, net international reserves and net domestic assets.
International Monetary Fund. Western Hemisphere Dept.

. A debt exchange offer was launched in early November. After a two-week consultation period, bondholder meetings are expected to take place in London, with the process expected to be concluded in mid-December 2019. Given that the majority of bondholders is represented in the creditor committee and that Barbados’ outstanding external bonds all contain collective action clauses, the Government and its debt advisors do not anticipate holdout creditors. The agreement includes a 26 percent haircut on original principal and past due and accrued interest; the issuance of

International Monetary Fund. Western Hemisphere Dept.
International Monetary Fund. Western Hemisphere Dept.

2019 Article IV Consultation, Second Review Under the Extended Arrangement, Request for Completion of the Financing Assurances Review, and Modification of Performance Criteria-Press Releases; Staff Report; and Statement by the Executive Director for Barbados

International Monetary Fund. Western Hemisphere Dept.

2019 Article IV Consultation, Second Review Under the Extended Arrangement, Request for Completion of the Financing Assurances Review, and Modification of Performance Criteria-Press Releases; Staff Report; and Statement by the Executive Director for Barbados

International Monetary Fund. Western Hemisphere Dept.

2019 Article IV Consultation, Second Review Under the Extended Arrangement, Request for Completion of the Financing Assurances Review, and Modification of Performance Criteria-Press Releases; Staff Report; and Statement by the Executive Director for Barbados

International Monetary Fund. Western Hemisphere Dept.

2019 Article IV Consultation, Second Review Under the Extended Arrangement, Request for Completion of the Financing Assurances Review, and Modification of Performance Criteria-Press Releases; Staff Report; and Statement by the Executive Director for Barbados

Ms. Yan Liu

of features. The issuer generally has the right to call a bondholdersmeeting during which it may propose a restructuring of the bond terms. Bondholders with a specified percentage of outstanding principal (typically around 10 percent) may request the trustee or fiscal agent to call a meeting. If the bonds are issued under trust deeds, the trustee also has the discretion to call a meeting. Bonds generally require that adequate notice (typically between 20 and 90 days) be given to bondholders about the date, time, and location of the meeting and the details of

Mr. Pablo Emilio Guidotti

agency agreement or the terms and conditions of the bonds; or (vii) changing the obligation of the issuer to pay additional amounts. Other modifications . Modifications to the terms and conditions of bonds, other than nonmaterial modifications and certain key modifications as described above, require the affirmative vote or written consent of bondholders holding not less than 66⅔ percent in aggregate principal amount of the relevant bonds outstanding at a bondholder meeting that satisfies quorum requirements. A duly convened bondholder meeting requires a quorum