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International Monetary Fund. Western Hemisphere Dept.

1. Over the past three years, the government led by Prime Minister Mottley has successfully implemented a comprehensive economic reform agenda. Immediately after coming into office in May 2018, the government announced a comprehensive Economic Recovery and Transformation (BERT) plan, engaged with creditors to seek debt restructuring, and requested the support of the IMF and other international financial institutions (IFIs). A four-year Extended Arrangement under the Extended Fund Facility (EFF) to support Barbados’ stabilization program was approved on October 1, 2018, and five program reviews have been successfully completed in a timely manner. The next parliamentary elections are due to take place by May 2023.

International Monetary Fund. Western Hemisphere Dept.

1. Belize entered the pandemic with pre-existing vulnerabilities. Real GDP growth had slowed from 4.7 percent in 2000–09 to 2.8 percent in 2010–14 and 1.8 percent in 2015–19. Moreover, the economy was in recession when the pandemic hit, with real GDP contracting by 2.2 percent year on year in the last quarter of 2019 and 6.3 percent in the first quarter of 2020.

International Monetary Fund. External Relations Dept.

The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy.

International Monetary Fund. Western Hemisphere Dept.

1. The pandemic hit Chile while it was recovering from the impact of social unrest in October 2019. The economic performance before the unrest was solid, with growth averaging 3 percent in the preceding two years. The unrest triggered broad policy actions (see Country Report 2020/183) and the economy started recovering. Then, the Covid-19 outbreak induced a larger decline in growth, and prompted wide-ranging and unprecedented policy responses, accompanied by the approval of an FCL arrangement in May 2020.

International Monetary Fund. Western Hemisphere Dept.

1. Colombia’s macroeconomic policy frameworks remain very strong, allowing a timely and coordinated policy response to the pandemic. The authorities have used the flexibility afforded by their policy framework to effectively respond to recent exceptional external shocks— including from oil price swings, Venezuelan migration, and the COVID-19 pandemic. Throughout these shocks, the inflation-targeting regime, flexible exchange rate, and sound financial supervision have been maintained. To create space for the policy response, the authorities temporarily suspended the fiscal rule in response to the pandemic-induced recession and remain committed to sustainable public finances anchored by their medium-term fiscal framework (MTFF). The current account has been financed by stable sources of funding, and reserve coverage ratios remain adequate according to the IMF ARA methodology.