The International Monetary Fund (IMF) says Barbados is in a precarious economic situation with its international reserves having dwindled to US$220 million, while central government debt is unsustainable.
Bert van Selm, who headed an IMF delegation to the island, said at the end of the three-day visit that the fiscal deficit has decreased over the last few years but remains large, at four per cent of gross domestic product (GDP) in the fiscal year 2017/18.
He said the Central Bank of Barbados (CBB) is reporting a contraction of output of 0.7 per cent in the first quarter of 2018, over the similar period last year.
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