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Barbados wins first loan agreement from IMF Climate Change Fund ThePipaNews

ThePipaNews

Washington, Sep 29 (UrduPoint / Pakistan Point News – 29th Sep, 2022 ) :Barbados on Tuesday became the first country to agree on a financing package under a new IMF fund aimed at helping low-income countries deal with the effects of climate change.

A group of Washington-based lenders agreed to a $183 million package with the island’s government through the Resilience and Sustainability Trust (RST), launched earlier this year.

The proposed agreement “will provide financing to support the country’s climate change adaptation and mitigation efforts and support Barbados’ ambitious goal of transitioning to a fully renewables-based economy by 2030,” said Bert van Selm, who leads the IMF mission to Barbados. week

The country still needs to get approval from the board of the International Monetary Fund and negotiate a more traditional debt program under the terms of the RST.

Barbados has requested a three-year, $110 million assistance package under the Enhanced Funding Facility along with other financing, Van Selm said in a statement.

He told reporters that the board would consider the two packages later this year, adding that negotiating terms is expected to be a smooth process, as the country recently concluded a four-year EFF.

“We are very pleased to have Barbados as the first user of this new facility,” he said.

There are reforms that the country could not fully implement due to the Covid-19 pandemic that will be included in the new loan, such as pension reforms, he added.

Van Selm noted that the country faces some of the challenges that hit the global economy, including rising inflation and supply chain problems, but that the economy is expected to grow by 10 percent this year as tourism returns to the island.

“Barbados continues to face economic challenges due to the global pandemic and high global commodity prices, but the recovery is now well underway,” he said, although he cautioned about ongoing risks to the outlook.

He added that the aid program will help the country continue its reform efforts, including increasing economic stability as well as reducing public debt.

The IMF aims to raise $45 billion for RST with contributions from member governments and provide 20-year loans to about 140 low- and middle-income countries eligible for the fund.

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