Barbados is seeking to negotiate some form of relief with the International Monetary Fund (IMF) as it hinted at the possibility of not meeting its targets under the US$290 million under the Extended Fund Facility (EFF) should the island record cases of the coronavirus (COVID-19).
Prime Minister Mia Mottley was quoted as saying by Caribbean Broadcasting Corporation, that her administration would be putting some fiscal measures in place aimed at helping those who would be impacted.
On Tuesday, St. Lucia’s Prime Minister Allen Chastanet said the IMF will hold a conference call with regional countries on Monday next week to discuss the economic impact of the virus that has killed more than 4,000 people globally and posing economic problems for small island developing states.
Last week, the Washington-based financial institution said it would make available US$50 billion to help countries address the COVID-19.
Mottley said that as the island strengthens its preparedness for the arrival of COVID-19, she was aware of some of the capital expenditure that would be required, including the approximately BDS$8.8 million to strengthen the Ministry of Health and ensure isolation and quarantine facilities were readied.
