BRIDGETOWN, Barbados (CMC) – Prime Minister of Barbados, Mia Motley, on Friday announced that the country would be seeking a new loan agreement with the International Monetary Fund (IMF) this month, telling Barbadians “these are indeed rough waters”.

In 2018, the Washington-based financial institution approved US$290 million Extended Arrangement under the Extended Fund Facility (EFF) for Barbados, noting then that the programme was aimed at helping the island restore debt sustainability, strengthen the external position, and improve growth prospects.

Mottley, speaking at a news conference in Barbados, said that her government had decided to return to the IMF later this month “with the intent of starting a BERT (Barbados Economic Recovery and Transformation) 2022 programme.

“This decision has not been taken lightly, but this is being done to ensure Barbados can continue its trajectory of positive growth,” she said.

“In addition to providing further means to stabilise our country, this programme will unlock critically important funding, giving Barbados a boot on the great progress we have already made, despite the hardships brought on by the global challenges,” Mottley said.

She told Barbadians “these are indeed rough waters, but this is not a race for the swift and I know we can and will endure and at the same time create a better society for every Bajan to live in”.