surplus target. by the end of september 2023, we recorded a primary surplus of $ 274. 9 million ( 2. 1 percent of gdp ), with a target of $ 218 million, and an overall fiscal deficit of $ 61. 1 million ( or - 0. 5 percent of gdp ). this achievement demonstrates that the fiscal measures are working. we have witnessed a strengthening of the external sector. the external sector, or position, as we call it, records transactions between residents and non - residents in goods, services, capital, and financial flows, which contribute to the overall stock of international reserves. our reserves, which are the lifeblood of our economy, stand at 1 / 4 bis - central bankers'speeches $ 2. 7 billion as at november 25, representing 27. 8 weeks of imports of goods and services, which far exceeds the minimum international benchmark of 12 weeks. we need these reserves to pay for imports ( for example this suit i'm wearing this morning ) and to boost confidence among foreign investors. our financial system remains stable, reflecting the favourable economic conditions and a tradition of strong regulation. overall, credit is up in the household, construction, and manufacturing sectors, and our financial institutions remain well capitalised and liquid. and since we are discussing pension funds this morning, i just want to give a flavour of their performance as at december 31, 2022. private pension funds reported assets of $ 3 billion. as reported in our recently published fsr ( financial stability report ), the sector invested heavily in mutual funds, which accounted for 70. 6 percent of their asset base. exposure to fixed income securities stood at approximately 22. 8 percent and that of equities at 6. 1 percent. tourism continues to be the main pillar of our sustained economic recovery. we are very close to our pre - pandemic highs, and all indications are that this winter season is expected to be very strong. all in all, our economic outlook remains bright in light of the predictions for a robust tourism performance. we expect growth of between 4 and 4. 5 percent this year, and this expansion should moderate to about five percent in the medium term. despite these positive developments, economic risks present challenges to the stability of pension funds. principle among them are our ageing population, the domestic low interest rate regime, inflationary pressures, and a growing proportion of underfunded pension plans. barbados'ageing population poses several downside risks to pension plans. as people live

delisle worrell : the frontier of practice in international criminal law opening remarks by dr delisle worrell, governor of the central bank of barbados, at the university of the west indies ’ ( uwi ) course in international crime, bridgetown, 17 january 2011. * * * this course is an example of what barbados needs to do in order to keep up with the evolving challenges of globalisation. globalisation is not new to us : the barbados we know today was born of the global outreach of an expansionist english nation, and its economy grew through international commerce in sugar, slaves and consumption goods. what is new is the nature of barbados ’ economic interface with the rest of the world. very little now remains of the sugar economy of the last three centuries. what we have today is an economy driven by international commerce in services, principally tourism services, with international business and financial services ( ibfs ) in second place. the international business and financial services sector is barbados ’ most recent foreign currency diversification initiative. our success in this activity is a result of an emphasis on quality – of regulation, of legislation, and of official administration. in order to maintain internationally acceptable quality we must constantly upgrade our performance in all these aspects – improving the adequacy of regulation, the appropriateness of legislation, and the processes and skills which enable government and private firms to provide an efficient professional service. the anti - money laundering ( aml ) framework, and the way we execute that framework, are crucial aspects of our quality control. we must constantly upgrade that framework to keep abreast of best international standards ; we must take measures to equip official entities with the knowledge and skills to execute their responsibilities in a transparent, even - handed and expeditious fashion. practitioners must fully understand and implement measures and procedures, which will ensure that their operations satisfy a demanding international standard, all the while offering their clients a service that is competitive in price and quality. this course put on by uwi will help all participants to remain current on the latest developments in international criminal law, so that we can enhance our standing among our competitors in the market for international business and financial services. the uwi is fortunate to have the benefit, as lecturer for this course, of one who has been writer, teacher and service provider in this field from its inception, in the person of bruce zagaris. bruce ’ s cv speaks for itself : he has a b. a., j.