The International Monetary Fund (IMF) will make US$139 million available to Barbados under its Extended Fund Facility (EFF).

The funds were approved after the IMF’s Executive Board and officials from the Ministry of Finance met and concluded the third review of its extended arrangement under the EFF for Barbados

According to the global financial body, the nation’s economy is facing a major challenge due to the coronavirus pandemic, which will have a large impact on its balance of payments and fiscal accounts.

Prime Minister Mia Mottley said the decision showed that even though the COVID-19 pandemic the country was still meeting its goals.

Of the $280 million, she said $180 million would assist the country to get through the health crisis.

She said some of the remaining money could be used to shore up the country’s foreign reserves which currently stand at $1.7 billion.

Photo by: Cliff Owen