IMF Office in Barbados

Resident Representative for Barbados

Patrick Blagrave

Resident Representative

Office Information

2nd Floor Tom Adams Financial Centre, Central Bank of Barbados
Spry Street, Bridgetown

Email: WHDRR-BRB@imf.org
Tel: +1 (246) 537-2873

Patrick Blagrave, Resident Representative: Mr. Patrick Blagrave most recently spent three years as the Macroeconomics Advisor at the IMF’s Caribbean Regional Technical Assistance Center (CARTAC), working with countries throughout the region building capacity to conduct macroeconomic analysis and forecasting. A Canadian national, Mr. Blagrave’s career began at the Bank of Canada in 2006, and he later moved to the IMF in 2010. During his career, he has conducted research and published numerous papers, including on macroeconomic modeling, forecasting, and risk analysis; inflation determinants; cross-country spillover analysis; and the macroeconomic effects of structural reforms. During his time at IMF Headquarters (HQ) in Washington, DC, he contributed regularly to the flagship World Economic Outlook publication, including co-authoring three analytical chapters. Prior to moving to CARTAC in 2020, he was the senior desk economist for the IMF’s India and Nepal country teams, where he played a lead role in conducting annual Article IV consultations, and liaising with country authorities on fiscal, real, and monetary-sector issues. He holds a First-Class Honors BA in Economics from Mount Allison University, and a Master’s Degree in Economics from Queen’s University.
Laron Alleyne, Local Economist: Laron Alleyne graduated with Upper Second Class Honours in Economics and Management at The University of the West Indies Cave Hill Campus, before pursuing a Master of Science degree in Financial and Business Economics at the University of The West Indies Cave Hill Campus Graduate Studies and Research. He is currently pursuing a doctorate in Economics, at the University of the West Indies, Cave Hill Campus, focusing on tourism sustainability. His work experience spans nine years in the Research and Economic Analysis Department of the Central Bank of Barbados, during which time he was promoted to the position of Senior Economist. His research portfolio includes investigations on the optimal energy mix for Barbados, the pass-through of international food and energy prices into domestic inflation and an overview of global competitive trends for Barbados. Most recently, he has pursued research on the impact of real effective exchange rates on tourism demand and estimating the impact of climate change on agriculture production.
Amy Carrington, Office Manager: Amy Carrington, a Barbadian national joined the IMF RRO for Barbados as Office Manager on its inauguration in August 2019. Prior to joining the team, she worked for the United States government for a period of 8 years providing assistance to countries in the Eastern Caribbean through the Centers For Disease Control (CDC), Presidents Emergency Plan for AIDS Relief (PEPFAR) program and subsequently with the United States Agency for International Development (USAID), which supported youth development, juvenile justice reform, HIV AIDS, and general development programs in Barbados and the Eastern Caribbean. She also served as the Trafficking in Persons Coordinator for the agency. Amy is a management graduate with experience in operations management, financial administration, procurement and logistics functions. She's a skilled organizer and communicator with extensive experience in office management. Amy is responsible for the day to day management and operations of the RRO. She is highly competent, proficient with time management, organizational and problem-solving skills, whilst placing high emphasis on teamwork. With extensive travel experience and love for exploring different cultures, Amy is passionate about the tourism industry. This passion has led her to pursue her studies in this area where she achieved an Associate Degree in Tourism and Travel and a BSc Hons in Management specializing in Tourism and Hospitality Management, from the University of the West Indies.
Willie Parris, Office Driver: Mr. Willie Parris joined IMF Resident Representative Barbados Office as a Senior Driver on January13th 2020. Under the supervision of the Resident Representative and the Office Manager, Mr. Parris performs official driver duties and assist with general administrative tasks. Prior to joining the IMF Resident Representative Office for Barbados, Mr. Parris a national of Barbados spent almost three decades with the Organization of American States (OAS) as Office Driver/Messenger. Mr. Parris is an electrician by trade and has achieved certification in Computer Repairs & Maintenance.

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This web page provides information on the activities of the Office, views of the IMF staff, and the relations between Barbados and the IMF. Additional information can be found on Barbados and IMF country page, including official IMF reports and Executive Board documents in English that deal with Barbados.

Barbados and the IMF Country Page

Barbados: At a Glance
Office Activities

IMF's Work on Barbados
Regional Economic Outlook

Barbados: At a Glance

Current IMF membership: 190 countries
Barbados joined the Fund on December 29, 1970
Quota: SDR 94.5 million (0.02 percent of total)
Number of arrangements since membership: 3
Outstanding Purchases and Loans (SDR): 206 million (September 24, 2020)
Latest Article IV/Country Report: December 18, 2019
Current IMF arrangement: Latest Report: June 8, 2020

Office Activities

What we do
Opened in 2019, the IMF office in Barbados is a central point of contact between with the IMF and the Government of Barbados with a primary focus to support the implementation of Barbados’ Economic Reform and Transformation (BERT) priorities set forth in the Fund’s Extended Arrangement under the Extended Fund Facility (EFF) for Barbados. In that capacity, the office follows economic developments and policies in Barbados, liaises between the Barbadian authorities and IMF staff in Washington, and coordinates IMF technical assistance. It is also a source of information about IMF views for the public, local and foreign analysts, investors, academic and research institutions, and Barbados’ international partners and their diplomatic missions.

IMF's Work on Barbados

The President of the IDB and the Managing Director of the IMF Outline Enhanced Partnership to Better Support Latin American and Caribbean Countries

July 22, 2024

The President of the IDB and the Managing Director of the IMF Outline Enhanced Partnership to Better Support Latin American and Caribbean Countries
Barbados: IMF Executive Board Concludes the Third Reviews Under the Extended Fund Facility and the Resilience and Sustainability Facility

June 28, 2024

The Executive Board of the International Monetary Fund (IMF) concluded the Third Reviews of the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF) arrangements with Barbados on a lapse-of-time basis
Barbados: Third Reviews Under the Arrangement Under the Extended Fund Facility, Arrangement Under the Resilience and Sustainability Facility, and Request for Modification of Performance Criteria-Press Release; and Staff Report

June 28, 2024

Series:Country Report No. 2024/196
IMF Reaches Staff-Level Agreement with Barbados on the Third Reviews of the Extended Fund Facility and the Resilience and Sustainability Facility Arrangement

May 21, 2024

At the request of the Government of Barbados, an International Monetary Fund (IMF) team led by Michael Perks visited Barbados during May 13-21, 2024 to discuss the implementation of Barbados’ Economic Recovery and Transformation (BERT 2022) plan, supported by the IMF under the Extended Fund Facility (EFF) , and the implementation of reform measures under the Resilience and Sustainability Facility (RSF) arrangement.
Barbados: Financial Stability Report

May 10, 2024

Author/Editor:Petr Jakubik
Series:High Level Summary Technical Assistance Report No. 2024/018

Regional Economic Outlook

Western Hemisphere

Regional Economic Outlook

October 2022

Recent developments in the Western Hemisphere—that is, the United States/Canada and Latin America and the Caribbean (LAC)—have been dominated by the impact of two distinct global shocks: the COVID-19 pandemic and then the Russian invasion of Ukraine. A third shock—the tightening of financial conditions—is now shaping the outlook. After contracting sharply in 2020, most of the Western Hemisphere’ economies recovered strongly in 2021 and early 2022, helped by the global recovery, the normalization of service sectors, and booming commodity prices. However, inflation pressures built up with pandemic-related disruptions, expansionary policies, rebounding demand, and the impact of the war in Ukraine on energy and food prices. The swift response of LAC’s monetary authorities to rising inflation—well ahead of other economies—helped contain price pressures and keep long-term inflation expectations anchored, but inflation remains high. Amid global monetary and financial tightening, and the ensuing slowdown in global growth and softening of commodity prices, activity is expected to decelerate throughout the Western Hemisphere in late 2022 and 2023, while inflation pressures are expected to recede gradually. Downside risks dominate the outlook and stem from tighter financial conditions, a more pronounced global slowdown, and entrenched inflation. For LAC, a sharp fall in commodity prices and social unrest are important risks. With inflation yet to abate and most economies still operating at or near potential, monetary policy should avoid easing prematurely and must stay the course. Clear communication of policy intentions will be key to reducing uncertainty and keeping inflation expectations anchored. Fiscal support deployed to mitigate the impact of inflation on the most vulnerable should be accompanied by compensating measures, where fiscal space does not exist, but also support monetary authorities’ efforts to tame inflation. Given rising financing costs, strengthening fiscal frameworks and advancing with inclusive fiscal consolidation—that protects key social objectives—will be essential to credibly putting public debt on a firm downward path while ensuring social stability. Boosting LAC’s medium-term growth requires raising productivity and good-quality public and private investment. Supply-side policies should focus on strengthening human capital, simplifying and modernizing labor regulations, and lifting barriers to firm entry and exit.

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