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Barbados’ 2018–19 Sovereign Debt Restructuring–A Sea Change?
Author:
Anthony Myrvin null

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,
Gregorio Impavido
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Mr. Bert van Selm
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Series:
IMF Working Papers
Volume/Issue:
Volume 2020: Issue 034
Language:
English
Publication Date:
21 Feb 2020
DOI:
https://doi.org/10.5089/9781513529967.001
ISBN:
9781513529967
ISSN:
1018-5941
Pages:
29
Keywords:
WP; debt; short-term debt; Barbados; long-term debt; result; debt restructuring; government debt; restructuring operation; debt sustainability; short term; Debt restructuring; Domestic debt; Treasury bills and bonds; Caribbean; Sovereign Debt; Sovereign Defaults; Sovereign Debt Restructuring; SOE debt; exchange offer; debt exchange; debt sustainability consideration; debt restructuring perimeter; CG debt; NPV gain; restructuring perimeter; debt restructuring process
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper examines the causes, processes, and outcomes of Barbados’ 2018–19 sovereign debt restructuring—its first ever. The restructuring was comprehensive, featuring several rarely used approaches, including the restructuring of treasury bills, and the use of a retrofitted collective action mechanism. The debt restructuring has helped to set Barbados’ public debt on a clear downward trajectory. A sustained reform effort, maintaining high primary surpluses and ambitious structural reforms, will be needed to gradually reduce public debt from about 160 percent of GDP before the restructuring to the country’s 60 percent debt-to-GDP target.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund