IMF Staff Concludes Virtual Visit To Barbados

At the request of the Government of Barbados, an International Monetary Fund (IMF) team led by Bert van Selm conducted a staff visit via videoconferencing between August 25-28, 2020 to discuss implementation of Barbados' Economic Recovery and Transformation (BERT) plan, supported by the IMF under the Extended Fund Facility (EFF). To summarize the mission's findings, Mr. van Selm made the following statement:

“The COVID-19 pandemic has had a major impact on Barbados' economy, with a double-digit decline in economic activity projected for 2020. Tourism came to a virtual standstill between March and June 2020: airlift declined precipitously, most hotels closed, and occupancy plummeted at facilities that remained open. In early July, the island cautiously started reopening the economy for international tourists, after the authorities effectively halted local transmission of the disease.