Barbados, in particular, remains vehemently opposed to devaluation, which it considers ill-conceived and unsuccessful at correcting the low growth, high debt dilemma facing small, vulnerable Caribbean economies. An appropriate balance is yet to be struck between adjustment and financing. Since September 2008, nine small island developing states in the Caribbean have turned to the IMF for increased financial support under various lending facilities.
These are Antigua and Barbuda, Belize, Dominica, Grenada, Haiti, Jamaica, St. Kitts/Nevis, St. Lucia and St. Vincent and the Grenadines. Yet, it is arguable whether the current lending facilities of the IMF, the World Bank and other international financial institutions are sufficient enough to help mitigate the impact of large, unforeseen external shocks on Caribbean and other small vulnerable economies.