Both Sides of The Coin: The Story of The Central Bank of Barbados 1972-2017

maintained. It was physically impossible for the IMF to complete a review paper for consideration by its Board before the programme expired. As a result, when the programme came to an end in May 1993, Barbados was unable to draw down all of the resources which had been made available by the IMF. Any possibility of a structural reform programme with the World Bank was now gone. Some local technicians felt that there could be a request for an Enhanced Surveillance Programme, whereby the Fund would closely monitor economic developments and there would be agreed performance criteria, but no financing. This initiative floundered because it was uncertain that the necessary discipline could be maintained now that the “worst” was over. Some positive spinoffs If the 1991-1993 economic crisis led to one positive development it was the increased output of statistics. The Bank’s foreign exchange cash flow system, for example, was devised early in 1991 to monitor foreign exchange availability. This was at first a one-page document but, by year- end, grew to four pages with details on inflows and outflows of foreign exchange, movements in short-term credit lines and in amounts outstanding. This basic cash flow was altered very little when it was incorporated into the new IMF Weekly Report in November 1991. This latter document presented, in addition to the cash flow, data on the NIR, NDA, commercial banks, the Central Bank's credit facilities and Treasury Bill sales. 118 The IMF’s Resident Representative, working in collaboration with the Ministry of Finance, was also able to compile comprehensive data on the operations of the state enterprises. Moreover, the Ministry started to issue a monthly schedule of debt repayments, in response to requests made during the technical discussions. Another positive spinoff was the focus on productivity and increased competitiveness resulting from the formation of the Productivity Board (later Council) and the Social Partnership. Chapter 5: Some Notable Developments 239