Barbados is gearing up to introduce the third phase of its Barbados Economic Recovery and Transformation (BERT) programme, aimed at strengthening the nation’s resilience in what Central Bank Governor Dr. Kevin Greenidge calls an increasingly “shock-prone world.”
Speaking at the Central Bank’s first-quarter economic briefing on Wednesday, Greenidge emphasized that the country’s recovery from multiple crises—including the COVID-19 pandemic, Hurricane Elsa, the 2021 volcanic ashfall, and most recently Hurricane Beryl—has been possible due to reforms enacted under the BERT initiative.
View Barbados Luxury Properties for Sale
“How many shocks have we had since the start of BERT? Pandemic, hurricanes, the volcano… we’ve been shocked silly,” he remarked. “But we’ve recovered each time.”
Launched in 2018 during a fiscal crisis, BERT was designed to stabilise Barbados’ economy with support from the International Monetary Fund (IMF) through its Extended Fund Facility (EFF). Notably, Barbados became the first Caribbean nation to embed a “pandemic clause” in its restructured debt, allowing for payment deferrals during national emergencies—a measure that was later adopted internationally.
BERT has evolved through distinct phases. BERT 1.0 focused on halting economic decline via fiscal consolidation and rebuilding foreign reserves. BERT 2.0, launched during the pandemic, expanded the programme’s scope to include green initiatives and greater private sector involvement.
View Barbados Luxury Properties for Sale
Now in development, BERT 3.0 is being crafted to address today’s global realities—climate unpredictability, supply chain disruptions, and the shift from globalisation to localisation. “This is no longer a world of globalisation. It’s a world of re-shoring, localisation, and persistent shocks,” said Greenidge. “BERT 3.0 is being designed to reflect that new reality.”
Though full details are pending, BERT 3.0 will prioritise institutional efficiency, digital transformation of public services, reform of state-owned enterprises, and workforce training. “Efficiency has to be the order of the day,” Greenidge noted, “whether it be institutional efficiency, digitisation, or modernisation.”
Among ongoing initiatives is the Central Bank’s new payments system, intended to promote financial inclusion. Greenidge also stressed that BERT 3.0 will include a strong social protection component: “The focus must remain on public sector efficiency, training, and equipping citizens to adapt.”
View Barbados Luxury Properties for Sale
The IMF has recently commended Barbados for meeting all BERT-related targets, calling the country a model for other small island states facing climate and economic risks. Greenidge credited this recognition to the country’s disciplined approach: “Our credibility today is because we stayed the course. And if we stay on that course, we’ll be ready for whatever shock comes next.”
What is BERT?
Originally developed to tackle a national debt crisis with IMF backing, BERT has progressed through three key phases:
- BERT 1.0 (2018): Focused on economic stabilisation through fiscal discipline and rebuilding reserves.
- BERT 2.0 (Pandemic-era): Introduced growth and green transformation strategies.
- BERT 3.0 (Upcoming): Aims to modernise institutions and prepare Barbados for climate and economic volatility.
Key anticipated features of BERT 3.0 include:
- Digitisation of public services to cut red tape
- Reforms of state-owned enterprises to ease fiscal burdens
- Workforce development aligned with future job markets
- Strengthened social safety nets to support household resilience
View all of our Properties for Sale in Barbados
