Barbados: First Reviews Under the Extended Fund Facility and Under the Resilience and Sustainability Facility, Requests for Modification of Performance Criteria and Reform Measures, and Rephasing of Access Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Barbados

This paper discusses Barbados’ First Reviews under the Extended Fund Facility and under the Resilience and Sustainability Facility, Requests for Modification of Performance Criteria and Reform Measures, and Rephasing of Access under the Resilience and Sustainability Facility. Barbados is implementing an ambitious home-grown economic reform and climate policy agenda, aimed at strengthening fiscal sustainability, advancing structural reforms, unlocking the economy’s growth potential, increasing resilience to climate change, and greening the economy. After successfully weathering a series of shocks in recent years, the Barbadian economy has recovered strongly driven by a rebound in tourism and related activities and continues expanding in 2023. The authorities are making good progress in implementing their updated Economic Recovery and Transformation plan and their ambitious climate policy agenda. The planned new policy reforms to develop guidelines to implement sustainable/green public procurement and introduce climate/green budget tagging will further support the incorporation of climate priorities in the budget process. The climate policy reforms are expected to help create an enabling environment that mobilizes private sector investment in climate-related projects.