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Barbados: Pandemic cripples economy, but Gov’t still on track to meet IMF targets

The Barbados economy experienced a major decline in economic activity over the past three months, and experts are maintaining that a double-digit decline is imminent this year.

However, Governor of the Central Bank of Barbados Cleviston Haynes is confident that the Mia Mottley administration will still meet its targets under the US$290 million four-year extended International Monetary Fund (IMF) programme, which began in October 2018.

Haynes was delivering his half year review on the island’s economic performance.

“The virtual cessation of activity in the tourism sector, combined with curfews and temporary business closures, deepened the initial contraction that was realised during the first three months of the year,” said Haynes.

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