Barbados's Prime Minister Mia Mottley secured funding from the International Monetary Fund to stabilize the island nation's economy and address the impact of climate change. Photo: CHANDAN KHANNA / AFP/FileSource: AFPBarbados on Tuesday became the first country to secure agreement on a financing package under a new IMF fund aimed at helping low-income countries tackle the impacts of climate change. A team from the Washington-based lender agreed with the island nation's government on a $183 million package through the Resilience and Sustainability Trust (RST) launched earlier this year. The proposed deal "will provide financing to support the country's climate change adaptation and mitigation efforts, and support Barbados' ambitious goal of transitioning to a fully renewable-based economy by 2030," said Bert van Selm, who led the IMF mission to Barbados this week. Barbados has requested a three-year, $110 million aid package under the Extended Fund Facility to accompany the other financing, van Selm said in a statement.

Source: Daily Nation September 29, 2022 03:14 UTC