This document presents a synthesis of the main findings and lessons learned from evaluations completed in 2025 and published in early 2026, as well as from Project Completion Validation Reviews (PCVRs) conducted between 2023 and 2025. Together, these sources provide a consolidated view of the evidence emerging from the Caribbean Development Bank's recent evaluation portfolio.The evaluations and PCVRs offer important insights into what is working well, where challenges persist, and what lessons can be drawn to strengthen future programming. They provide evidence for the Bank, its Borrowing Member Countries (BMCs), and the Board of Directors to inform decision-making, enhance development effectiveness, and strengthen the design and implementation of future interventions.
Policy Based Loan - Barbados (2016)
Private Sector Development
Project Completion Validation Report
Complete
Barbados
Summary
The post-2008 global economic and financial crisis exacerbated Barbados’ fiscal position which was already tenuous. The economy contracted in 2008, 2009 and 2010 due to declines in the key economic sectors. The crisis also exacerbated the country’s fiscal deficit which had already started to increase since 2005 on the back of a rapid expansion in public expenditure. In 2009, the economic downturn further restricted revenue intake, but necessitated counter-cyclical spending, exacerbating the already weak fiscal position of Central Government (CG). CG’s debt-to Gross Domestic Product (GDP) ratio had been on a steady increase, especially since 2007 given the fiscal deterioration and an increase in contingent liabilities. Meanwhile, interest payments as a ratio of total revenues increased. Barbados’ foreign currency bond rating had been downgraded by two international rating agencies in June and November 2009.
