Barbados denies it is seeking IMF rescue

KINGSTON, May 31 (Xinhua) -- The Barbados government on Thursday denied that it is seeking rescue from the International Monetary Fund (IMF).

Finance and Economy Minister Chris Sinckler described as "malicious and unfounded" allegations that the government was involved in rescue talks with the IMF.

"There has been no such meeting that took place and no such discussions have been taking place in my ministry," Sinckler told members of the Barbados Chamber of Commerce and Industry. "There will be no IMF program -- not now, not June, not this year."

He also dismissed suggestions that the island would devalue its currency.

A deal with the IMF or currency devaluation would not be necessary "if we act as we are supposed to act," he said.

For now, Barbados has adequate levels of foreign reserves, he said. "We are still on the field of play and have a definite chance of winning."

The Central Bank of Barbados said last month that the economy contracted 0.4 percent in the first three months of 2013. It advised fiscal consolidation and a new medium-term adjustment strategy to turn around the island's economic fortunes.

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